##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, DC 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2005
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from ___to ___
 Commission File Number 0-20707
 COLONIAL REALTY LIMITED PARTNERSHIP
  Delaware
    
    63-1098468(State or other jurisdiction
of incorporation)
    
    (IRS Employer
Identification Number)
 2101 Sixth Avenue North, Suite 750, Birmingham, Alabama 35203  (Address of principal executive offices) (Zip Code)
 (205) 250-8700
  Title of each class
    
    Name of each exchange on which registeredNot applicable
    
    Not applicable
  R £
 £ R
 R £
 R
  Large accelerated filer R
    
    Accelerated filer £
    
    Non-accelerated filer £
 £ R




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TABLE OF CONTENTS  PART IItem 1. BusinessItem 1A. Risk FactorsItem 1B. Unresolved Staff CommentsItem 2. PropertiesItem 3. Legal ProceedingsItem 4. Submission of Matters to a Vote of Security HoldersPART IIItem 5. Market for Registrants Common Equity and Related Shareholder MattersItem 6. Selected Financial DataItem 7. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 7A. Quantitative and Qualitative Disclosures about Market RiskItem 8. Financial Statements and Supplementary DataItem 9. Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem 9A. Controls and ProceduresItem 9B. Other InformationPART IIIItem 10. Trustees and Executive Officers of the RegistrantItem 11. Executive CompensationItem 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem 13. Certain Relationships and Related TransactionsItem 14. Principal Accountant Fees and ServicesPart IVItem 15. Exhibits and Financial Statement SchedulesSIGNATURESEX-12.1 LIST OF SUBSIDIARIESEX-21.1 LIST OF SUBSIDIARIESEX-23.1 CONSENT OF PRICEWATERHOUSECOOPERS LLPEX-31.1 SECTION 302 CERTIFICATION OF CEOEX-31.2 SECTION 302 CERTIFICATION OF CFOEX-32.1 SECTION 906 CERTIFICATION OF CEOEX-32.2 SECTION 906 CERTIFICATION OF CFO    Table of Contents  Documents Incorporated by Reference
  
 PART I
  
    
    national and local economic, business and real estate conditions including, but
not limited to, the effect of demand for multifamily units, office and retail rental
space, the extent, strength and duration of any economic recovery, such as the
effects on demand for units and rental space and the creation of new multifamily,
office and retail developments, availability and creditworthiness of tenants, the
level of lease rents, and the availability of financing for both tenants and us;
    
    adverse changes in real estate markets, including, but not limited to, the extent
of tenant bankruptcies, financial difficulties and defaults, the extent of future
demand for multifamily units and office and retail space in our core markets and
barriers of entry into new markets which we may seek to enter in the future, the
extent of decreases in rental rates, competition, our ability to identify and
consummate attractive acquisitions on favorable terms, our ability to consummate any
planned dispositions in a timely manner on acceptable terms;
    
    actions, strategies and performance of affiliates that we may not control or
companies, including joint ventures, in which we have made investments;
    
    changes in operating costs, including real estate taxes, utilities, and
insurance;
    
    legislative or other regulatory decisions, including government approvals,
actions and initiatives, including the need for compliance with environmental and
safety requirements, and changes in laws and regulations or the interpretation
thereof;
    
    effects of tax legislative action;
    
    our general partners ability to continue to maintain its status as a Real Estate
Investment Trust (REIT) for federal income tax purposes, our ability to maintain
our status as a partnership for federal income tax purposes, the ability of certain
of our subsidiaries to maintain their status as taxable REIT subsidiaries for
federal income tax purposes, and our ability and the ability of our subsidiaries to
operate effectively within the limitations imposed by these rules;
    
    effect of any rating agency actions on the cost and availability of new debt financings;
    
    level and volatility of interest rates or capital market conditions;
    
    effect of any terrorist activity or other heightened geopolitical crisis; and
    
    other factors affecting the real estate industry generally.
  
 Item 1. Business.
 As used herein, the terms CRLP, we, us and our refer to Colonial Realty Limited
Partnership, a Delaware limited partnership, and its subsidiaries and other affiliates, including,
Colonial Properties Services Limited Partnership(CPSLP), Colonial Properties Services, Inc
(CPSI), CLNL Acquisition Sub, LLC and Colonial VRS L.L.C. or, as the context may require,
Colonial Realty Limited Partnership only. As used herein, the term the Trust includes Colonial
Properties Trust, an Alabama real estate investment trust, and one or more of its subsidiaries and
other affiliates, including CRLP, CPSLP and Colonial Properties Services, Inc. (CPSI), CLNL
Acquisition Sub, LLC or, as the context may require, Colonial Properties Trust only.
 2




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##### Table of Contents



Formation of the Trust and CRLP
  Merger with Cornerstone Realty Income Trust
   
    
    a number of the Trusts common shares equal to the common share conversion rate, which was calculated as
0.2581; or
    
    a number of the Trusts 7 5/8% Series E preferred depositary shares, $25.00 liquidation
preference per depositary share, equal to the preferred depositary share conversion rate,
which was calculated as 0.4194;
  3




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##### Table of Contents



(in thousands)Issuance of 11,277,358 Trust common shares to
Cornerstone shareholders
    
    $
    462,347Issuance of 5,326,349 Trust Series E preferred depository
shares to Cornerstone shareholders
    
    
    132,747Issuance of 578,358 CRLP common units
    
    
    23,788Fees and other expenses related to the merger
    
    
    35,016Total purchase price
    
    
    653,898Assumption of Cornerstones notes and mortgages payable
at book value
    
    
    836,985Adjustment to record Cornerstones notes and mortgages at
fair value
    
    
    50,880
    (1)Assumption of Cornerstones accounts payable and other
liabilities at fair value
    
    
    34,380Total purchase price and assumed liabilities
    
    $
    1,576,143
 
 (1)
    
    The fair value adjustment of $50.9 million to account for the difference between the
fixed rates and market rates for the Cornerstone borrowings includes $26.8 million for
prepayment penalties on debt retired during 2005.   (in thousands)Buildings
    
    $
    1,246,019Furniture and fixtures
    
    
    14,613Fair value of depreciable real estate assets
    
    
    1,260,632Land
    
    
    230,768Undeveloped land and construction in progress
    
    
    3,995In place lease value
    
    
    45,658Customer relationships
    
    
    5,068Other
assets, including cash (excluding in place lease values )
    
    
    21,121Investments in partially owned entities
    
    
    8,901Total purchase price
    
    $
    1,576,143
  4




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##### Table of Contents



Acquisitions and Developments
  TotalTotal Units/
    
    
    CostLocation
    
    Square Feet (1)
    
    
    (in thousands)Acquisitions:Multifamily PropertiesColonial Grand at Barrett Creek
    
    Atlanta, GA
    
    
    332
    
    
    $
    30,750Colonial Grand at Bear Creek
    
    Fort Worth, TX
    
    
    436
    
    
    
    36,750Colonial Grand at Bellevue
    
    Nashville, TN
    
    
    349
    
    
    
    35,500Colonial Grand at Crabtree Valley
    
    Raleigh, NC
    
    
    210
    
    
    
    17,750Colonial Grand at Mallard Lake
    
    Charlotte, NC
    
    
    302
    
    
    
    27,500Colonial Grand at Shelby Farms
    
    Memphis, TN
    
    
    296
    
    
    
    25,1901,925
    
    
    
    173,440Office PropertiesColonial Place I & II
    
    Tampa, FL
    
    
    371,000
    
    
    
    54,903Research Park Office Center IV
    
    Huntsville, AL
    
    
    59,900
    
    
    
    4,970Colonial Center at Bayside
    
    Tampa, FL
    
    
    213,800
    
    
    
    20,660Colonial Bank Centre
    
    Miami, FL
    
    
    235,500
    
    
    
    44,000Research Park Plaza III & IV
    
    Austin, TX
    
    
    357,700
    
    
    
    90,870Esplanade
    
    Charlotte, NC
    
    
    201,900
    
    
    
    21,463Colonial Center Heathrow 1001
    
    Orlando, FL
    
    
    192,200
    
    
    
    23,290The Peachtree
    
    Atlanta, GA
    
    
    260,900
    
    
    
    43,8011,892,900
    
    
    
    303,957Retail PropertiesColonial Promenade at Portofino
    
    Houston, TX
    
    
    372,500
    
    
    
    60,300For Sale ResidentialSt. Andrews (2)
    
    Jensen Beach, FL
    
    
    
    
    
    
    61,750Mizner / Delray Beach (2)
    
    Delray Beach, FL
    
    
    
    
    
    
    55,000116,750Total Consolidated Acquisitions
    
    
    
    
    
    
    
    $
    654,447Completed Developments / Redevelopments:Multifamily PropertiesColonial Grand at Mallard Creek
    
    Charlotte, NC
    
    
    252
    
    
    $
    20,400Colonial Grand at Silverado
    
    Austin, TX
    
    
    238
    
    
    
    20,343Colonial Village at Twin Lakes
    
    Orlando, FL
    
    
    460
    
    
    
    34,961950
    
    
    
    75,704Retail PropertiesColonial Promenade Alabaster
    
    Birmingham, AL
    
    
    607,000
    
    
    
    29,066Colonial Shoppes Colonnade (redevelopment)
    
    Birmingham, AL
    
    
    125,500
    
    
    
    5,474Colonial Mall Myrtle Beach (redevelopment)
    
    Myrtle Beach, SC
    
    
    474,200
    
    
    
    20,889Colonial University Village (redevelopment)
    
    Auburn, AL
    
    
    526,200
    
    
    
    14,0911,732,900
    
    
    
    69,520Mixed-Use PropertiesColonial TownPark Lake Mary
    
    Orlando, FL
    
    
    
    
    
    
    45,300Multifamily
    
    
    
    
    80Office
    
    
    
    
    33,400Retail
    
    
    
    
    199,300Total Developments
    
    
    
    
    
    
    
    $
    190,524Total
Consolidated Acquisitions and Developments
    
    
    
    
    
    
    
    $
    844,971
 
 (1)
    
    Square footage includes anchor-owned square footage.(2)
    
    Properties acquired as part of a 98% joint venture with Montecito Property Company. See
discussion in Joint Ventures below. 5




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##### Table of Contents



Acquisitions
  Multifamily Properties
 Cornerstone Assets
 Colonial Grand at Barrett Creek
 Colonial Grand at Bear Creek 
 Colonial Grand at Bellevue
 Colonial Grand at Crabtree Valley
 Colonial Grand at Mallard Lake
 Colonial Grand at Shelby Farms
 Office Properties
 Colonial Place I & II 
 Research Park Office Center IV 
 Colonial Center at Bayside
 Colonial Bank Centre
 6




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##### Table of Contents



Research Park Plaza III & IV 
 Esplanade
 Colonial Center Heathrow 1001 
 The Peachtree 
 Retail Properties
 Colonial Promenade Portofino 
 Completed Development
 Multifamily Properties
 Colonial Grand at Mallard Creek 
 Colonial Grand at Silverado 
 Colonial Village at Twin Lakes 
 Retail Properties
 Colonial Promenade Alabaster 
 Colonial Shoppes Colonnade -
 Colonial Mall Myrtle Beach
 7




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##### Table of Contents



Colonial University Village
 Mixed Use Property
 Colonial TownPark Lake Mary 
 Continuing Development Activity
  Total
    
    
    
    
    
    
    
    
    
    
    CostsUnits/
    
    
    
    
    
    
    Estimated
    
    
    CapitalizedSquare
    
    
    Estimated
    
    
    Total Costs
    
    
    to DateFeet (1)
    
    
    Completion
    
    
    (in thousands)
    
    
    (in thousands)Multifamily Projects:Colonial Grand at Silverado Reserve
    
    
    238
    
    
    
    2006
    
    
    $
    23,200
    
    
    $
    19,760Colonial Grand at Round Rock
    
    
    422
    
    
    
    2006
    
    
    
    34,500
    
    
    
    20,305Colonial Grand at Canyon Creek
    
    
    336
    
    
    
    2006
    
    
    
    29,100
    
    
    
    6,568Colonial Grand at Double Creek
    
    
    300
    
    
    
    2007
    
    
    
    27,300
    
    
    
    3,882Colonial Grand at Ayrsley
    
    
    365
    
    
    
    2007
    
    
    
    33,100
    
    
    
    178Colonial Grand at Traditions
    
    
    320
    
    
    
    2007
    
    
    
    30,800
    
    
    
    2,800Office Projects:Northrop Grumman
    
    
    110,000
    
    
    
    2006
    
    
    
    17,300
    
    
    
    1,478Colonial Center TownPark 300
    
    
    150,000
    
    
    
    2006
    
    
    
    20,600
    
    
    
    3,760Retail Projects:Colonial Pinnacle Tutwiler Farm
    
    
    450,000
    
    
    
    2006
    
    
    
    36,000
    
    
    
    17,473Colonial Pinnacle Craft Farms
    
    
    440,000
    
    
    
    2007
    
    
    
    50,800
    
    
    
    14,264Colonial Promenade Fultondale
    
    
    257,000
    
    
    
    2007
    
    
    
    26,300
    
    
    
    1,985Colonial Promenade Alabaster II
    
    
    127,000
    
    
    
    2007
    
    
    
    21,600
    
    
    
    387For Sale Projects:Central Park
    
    
    212
    
    
    
    2006
    
    
    
    22,300
    
    
    
    5,133Colonial Traditions at Gulf Shores
    
    
    371
    
    
    
    2006
    
    
    
    20,000
    
    
    
    15,363Colonial Traditions at South Park
    
    
    48
    
    
    
    2007
    
    
    
    11,500
    
    
    
    2,014The Renwick
    
    
    85
    
    
    
    2007
    
    
    
    17,700
    
    
    
    4,075Other Projects and Undeveloped LandMansell Land and Infrastructure
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,306TownPark Land and Infrastructure
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,852Heathrow Land and Infrastructure
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,914Canal Place Land and Infrastructure
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,952Land
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16,168Other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,435Total Consolidated Construction in Progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    202,052Colonial Pinnacle Turkey Creek (2)
    
    
    520,000
    
    
    
    2006
    
    
    
    37,900
    
    
    
    25,949Total Construction in Progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    228,001
 
 (1)
    
    Square footage includes anchor-owned square footage.(2)
    
    Represents 50% of the development costs, as we are a 50% equity partner in this
development. 8




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##### Table of Contents



Continuing Multifamily Development Activity
 Colonial Grand at Silverado Reserve 
 Colonial Grand at Round Rock 
 Colonial Grand at Canyon Creek 
 Colonial Grand at Double Creek 
 Colonial Grand at Ayrsley 
 Colonial Grand at Traditions 
  Continuing Office Development Activity
 Northrop Grumman 
 Colonial Center TownPark 300 
 Continuing Retail Development Activity
 Colonial Pinnacle Tutwiler Farms 
 Colonial Pinnacle Craft Farms 
 9




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##### Table of Contents



Colonial Promenade Fultondale 
 Colonial Promenade Alabaster II 
 Colonial Pinnacle Turkey Creek 
 Continuing For Sale Activity
  Central Park 
 Colonial Traditions at Gulf Shores 
 Colonial Traditions at South Park 
 The Renwick 
 Joint Ventures
  Consolidated
 Montecito Property Company  10-K).
 10




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##### Table of Contents



Equity Method Investments
 The Grove at Riverchase 
 Regents Park 
 Colonial Grand at Research Park 
 DRA / Colonial Office Joint Venture 
  GPT Transaction 
 Dispositions
 11
    Table of Contents    For Sale Projects
  Other Dispositions
  12




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##### Table of Contents



Gain onUnits/Square
    
    
    Sales Price
    
    
    Sales of PropertyProperty
    
    Location
    
    Feet
    
    
    (in thousands)
    
    
    (in thousands)MultifamilyArbors on Forest Ridge (1)
    
    Fort Worth, TX
    
    
    210
    
    
    $
    10,000
    
    
    $
    Ashley Run (1)
    
    Atlanta, GA
    
    
    348
    
    
    
    16,000
    
    
    
    Aspen Hills (1)
    
    Dallas, TX
    
    
    240
    
    
    
    9,400
    
    
    
    Bridgetown Bay (1)
    
    Charlotte, NC
    
    
    120
    
    
    
    5,700
    
    
    
    Carlyle Club (1)
    
    Atlanta, GA
    
    
    243
    
    
    
    13,600
    
    
    
    Colonial Grand at Galleria Woods
    
    Birmingham, AL
    
    
    244
    
    
    
    14,800
    
    
    
    4,252Colonial Grand at Riverhills (2)
    
    Tampa, FL
    
    
    776
    
    
    
    6,900
    
    
    
    1,661Colonial Grand at Wesleyan
    
    Macon, GA
    
    
    328
    
    
    
    20,700
    
    
    
    5,209Colonial Village at Ashley Plantation
    
    Bluffton, SC
    
    
    414
    
    
    
    27,900
    
    
    
    6,087Colonial Village at Cahaba Heights (2)
    
    Birmingham, AL
    
    
    125
    
    
    
    1,200
    
    
    
    235Colonial Village at Gainesville
    
    Gainesville, FL
    
    
    560
    
    
    
    37,400
    
    
    
    14,308Colonial Village at Lake Mary
    
    Orlando, FL
    
    
    504
    
    
    
    41,200
    
    
    
    23,458Colonial Village at TownPark
    
    Sarasota, FL
    
    
    272
    
    
    
    28,000
    
    
    
    9,665Colonial Village at Walton Way
    
    Augusta, GA
    
    
    256
    
    
    
    15,000
    
    
    
    4,768Cutters Point (1)
    
    Dallas, TX
    
    
    196
    
    
    
    9,800
    
    
    
    Cypress Cove at Suntree (1)(2)
    
    Melbourne, FL
    
    
    326
    
    
    
    4,000
    
    
    
    Devonshire (1)
    
    Dallas, TX
    
    
    144
    
    
    
    7,500
    
    
    
    Dunwoody Springs (1)
    
    Atlanta, GA
    
    
    350
    
    
    
    23,500
    
    
    
    Eagle Crest (1)
    
    Dallas, TX
    
    
    484
    
    
    
    20,800
    
    
    
    Mills Crossing (1)
    
    Dallas, TX
    
    
    184
    
    
    
    6,100
    
    
    
    Sierra Ridge (1)
    
    San Antonio, TX
    
    
    230
    
    
    
    8,800
    
    
    
    Silverbrook I & II (1)
    
    Fort Worth, TX
    
    
    642
    
    
    
    23,500
    
    
    
    The Landing (1)
    
    Raleigh, NC
    
    
    200
    
    
    
    12,900
    
    
    
    The Meridian (1)
    
    Austin, TX
    
    
    200
    
    
    
    8,000
    
    
    
    Timberglen (1)
    
    Dallas, TX
    
    
    304
    
    
    
    12,200
    
    
    
    Toscana (1)
    
    Dallas, TX
    
    
    192
    
    
    
    5,800
    
    
    
    Retail(3)Colonial Mall Bel Air (4)
    
    Mobile, AL
    
    
    1,333,800
    
    
    
    142,404
    
    
    
    54,245Colonial Mall Burlington
    
    Burlington, NC
    
    
    419,200
    
    
    
    32,500
    
    
    
    345Colonial Mall Gadsden
    
    Gadsden, AL
    
    
    517,000
    
    
    
    58,847
    
    
    
    45,669Colonial Mall Glynn Place (4)
    
    Brunswick, GA
    
    
    507,900
    
    
    
    29,499
    
    
    
    1,155Colonial Mall Greenville (4)
    
    Greenville, NC
    
    
    450,300
    
    
    
    52,621
    
    
    
    17,320Colonial Mall Macon
    
    Macon, GA
    
    
    1,446,400
    
    
    
    133,500
    
    
    
    65,469Colonial Mall Myrtle Beach (4)
    
    Myrtle Beach, SC
    
    
    472,200
    
    
    
    59,767
    
    
    
    1,507Colonial Mall Temple
    
    Temple, TX
    
    
    555,600
    
    
    
    33,500
    
    
    
    2,907Colonial Mall Valdosta (4)
    
    Valdosta, GA
    
    
    399,000
    
    
    
    46,478
    
    
    
    8,831Colonial University Village (4)
    
    Auburn, AL
    
    
    526,200
    
    
    
    31,231
    
    
    
    10,170Total
    
    
    
    
    
    
    
    $
    1,011,047
    
    
    $
    277,261
 
 (1)
    
    Properties acquired as part of the Cornerstone Acquisition.(2)
    
    We disposed of our 15% interest in Colonial Grand at Riverhills and Colonial Village at
Cahaba Heights and our 10% interest in
Cypress Cove at Suntree, which is reflected above.(3)
    
    Retail square footage includes total square footage of asset including anchor owned
square footage.(4)
    
    Properties were transferred to the GPT Joint Venture.  Accounting for the Impairment or Disposal of Long-Lived
Assets
 13




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Recent Developments
 Property Acquisitions 
   Property Dispositions
 Sales PriceProperty Name
    
    Location
    
    Units
    
    
    (in millions)The Timbers
    
    Raleigh, NC
    
    
    176
    
    
    $
    7.6CV at Remington Place
    
    Raleigh, NC
    
    
    136
    
    
    
    7.9Summerwalk
    
    Charlotte, NC
    
    
    160
    
    
    
    8.2CV at Paces Glen
    
    Charlotte, NC
    
    
    172
    
    
    
    6.0CV at Stone Brook
    
    Atlanta, GA
    
    
    188
    
    
    
    9.4CG at Whitemarsh
    
    Savannah, GA
    
    
    352
    
    
    
    38.7CV at Caledon Woods
    
    Greenville, SC
    
    
    350
    
    
    
    22.9$
    100.7
    Financing activity
 Distribution 
 14




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##### Table of Contents



Preferred Share Buyback
 Business Strategy
  
    
    realizing growth in income from our existing portfolio of properties;
    
    expanding and selectively acquiring additional multifamily, office and retail properties
(primarily lifestyle and power centers) in growth markets located in the Sunbelt region
of the United States, where we have first-hand knowledge of growth patterns and local
economic conditions;
    
    recycling capital by selectively disposing of assets that have reached their maximum
investment potential and reinvesting the proceeds into opportunities -with more growth
potential;
    
    managing our own properties, which enables us to better control operating expenses and
establish long-term relationships with our office and retail tenants;
    
    developing for-sale lots and residential units;
    
    converting existing and acquired multifamily apartment communities into for-sale condominium projects;
    
    maintaining our third-party property management business, which increases cash flow and
establishes additional relationships with investors and tenants; and
    
    employing a comprehensive capital maintenance program to maintain properties in
first-class condition.
  Financing Strategy
  
    
    maintaining conservative debt service and fixed charge coverage ratios in order to
sustain our investment grade status;
    
    extending and sequencing the maturity dates of our debt;
    
    borrowing primarily at fixed rates; and
    
    generally pursuing long-term debt financings and refinancings on an unsecured basis.
    Property Management
  15




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##### Table of Contents



Operational Structure
  Multifamily Division
 Office Division.
 Retail Division.
 Competition
 Competition for acquisitions could reduce the number of acquisition opportunities available to us
and result in increased prices for properties, which could adversely affect our return on
properties we purchase
 Seasonality
  16




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##### Table of Contents



Environmental Matters
 We could incur
significant costs related to environmental issues which could adversely affect our results of
operations through increased compliance costs or our financial condition if we become subject to a
significant liability
 Insurance
   Employees
  Tax Status
   Available Information
 www.colonialprop.com
 17




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##### Table of Contents



Executive Officers of the Trust
  Thomas H. Lowder
 C. Reynolds Thompson, III
 Weston M. Andress
 John P. Rigrish
 Paul F. Earle
 18




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##### Table of Contents



Robert A. Bo Jackson
 Charles E. Chip Light
 Charles A. McGehee
 John E. Tomlinson
 19




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##### Table of Contents



Item 1A. Risk Factors
  Risks Associated with Real Estate
 We face numerous risks associated with the real estate industry that could adversely affect
our results of operations through decreased revenues or increased costs.
  
    
    worsening of national and regional economic conditions, as well as the local economic
conditions in our principal market areas;
    
    the existence and quality of the competition, such as the attractiveness of our property
as compared to our competitors properties based on considerations such as convenience of
location, rental rates, amenities and safety record;
    
    increased operating costs, including increased real property taxes, maintenance, insurance and utilities costs;
    
    weather conditions that may increase or decrease energy costs and other weather-related expenses;
    
    oversupply of multifamily, office or retail space or a reduction in demand for real
estate in the markets in which our properties are located;
    
    a favorable interest rate environment that may result in a significant number of
potential tenants of our multifamily properties deciding to purchase homes instead of
renting; and
    
    changing trends in the demand by consumers for merchandise offered by retailers
conducting business at our retail properties.
  Real estate investments are illiquid, and therefore we may not be able to sell our properties
in response to economic changes which could adversely affect our results of operations or financial
condition.
  We are subject to significant regulation that inhibits our activities, which could adversely
affect our results of operations through increased costs or inability to pursue business
opportunities.
  Risks Associated with Our Operations
 Our properties may not generate sufficient income to pay our expenses if we are unable to
lease our new properties or renew leases or re-lease space at our existing properties as leases
expire, which may adversely affect our operating results.
 20




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##### Table of Contents




    
    local conditions such as an oversupply of, or reduction in demand for, multifamily, office or retail properties;
    
    the attractiveness of our properties to residents, shoppers and tenants;
    
    decreases in market rental rates; and
    
    our ability to collect rent from our tenants.
   We may not be able to control our operating costs or our expenses may remain constant, even if
our revenues decrease, causing our results of operations to be adversely affected.
 Factors that may adversely affect our ability to control operating costs include:
    
    the need to pay for insurance and other operating costs, including real estate taxes, which could increase over time;
    
    the need periodically to repair, renovate and re-lease space;
    
    the cost of compliance with governmental regulation, including zoning and tax laws;
    
    the potential for liability under applicable laws;
    
    interest rate levels; and
    
    the availability of financing.
   An economic downturn or natural disaster in an area in which our properties are concentrated
could adversely affect our results of operations or financial condition.
  Tenant bankruptcies and downturns in tenants businesses may adversely affect our operating
results by decreasing our revenues.
  21




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##### Table of Contents



Risks associated with the property management, leasing and brokerage businesses could
adversely affect our results of operations by decreasing our revenues.
  
    
    management contracts or service agreements with third-party owners will be lost to competitors;
    
    contracts will not be renewed upon expiration or will not be renewed on terms consistent with current terms; and
    
    leasing and brokerage activity generally may decline.
  We could incur significant costs related to environmental issues which could adversely affect
our results of operations through increased compliance costs or our financial condition if we
become subject to a significant liability.
   Uninsured or underinsured losses could adversely affect our financial condition.
   22




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##### Table of Contents



Competition for acquisitions could reduce the number of acquisition opportunities available to
us and result in increased prices for properties, which could adversely affect our return on
properties we purchase.
  We may be unable to successfully integrate and effectively manage the properties we acquire,
which could adversely affect our results of operations.
  We may not be able to achieve the anticipated financial and operating results from our
acquisitions, which would adversely affect our operating results.
  We may be unable to develop new properties or redevelop existing properties successfully,
which could adversely affect our results of operations due to unexpected costs, delays and other
contingencies.
  
    
    significant expenditure of money and time on projects that may be delayed or never be completed,
    
    higher than projected construction costs,
    
    lack of availability of debt or equity financing on acceptable terms,
    
    failure to meet anticipated occupancy or rent levels,
    
    failure to obtain zoning, occupancy or other governmental approvals,
    
    changes in applicable zoning and land use laws may require us to abandon projects
prior to their completion, resulting in the loss of development costs incurred up to
the time of abandonment, and
    
    late completion because of construction delays, delays in the receipt of zoning,
occupancy and other approvals or other factors outside of our control.
 23




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##### Table of Contents



Our joint venture investments could be adversely affected by our lack of sole decision-making
authority, our reliance on our joint venture partners financial condition, any disputes that may
arise between us and our joint venture partners and our exposure to potential losses from the
actions of our joint venture partners.
  
    
    we share decision-making authority with some of our joint venture partners regarding
major decisions affecting the ownership or operation of the joint venture and the joint
venture properties, such as the sale of the properties or the making of additional capital
contributions for the benefit of the properties, which may prevent us from taking actions
that are opposed by those joint venture partners;
    
    prior consent of our joint venture partners is required for a sale or transfer to a
third party of our interests in the joint venture, which restricts our ability to dispose
of our interest in the joint venture;
    
    our joint venture partners might become bankrupt or fail to fund their share of required
capital contributions, which may delay construction or development of a joint venture
property or increase our financial commitment to the joint venture;
    
    our joint venture partners may have business interests or goals with respect to the
joint venture properties that conflict with our business interests and goals, which could
increase the likelihood of disputes regarding the ownership, management or disposition of
such properties;
    
    disputes may develop with our joint venture partners over decisions affecting the joint
venture properties or the joint venture, which may result in litigation or arbitration that
would increase our expenses and distract our officers and/or trustees from focusing their
time and effort on our business, and possibly disrupt the day-to-day operations of the
property such as by delaying the implementation of important decisions until the conflict
or dispute is resolved; and
    
    we may suffer losses as a result of the actions of our joint venture partners with
respect to our joint venture investments.
 Risks Associated with Our Indebtedness and Financing
 We have substantial indebtedness and our cash flow may not be sufficient to make required
payments on our indebtedness or repay our indebtedness as it matures.
 ,
   Our degree of leverage could limit our ability to obtain additional financing which would
negatively impact our results of operation and financial condition.
  24




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##### Table of Contents



Due to the amount of our variable rate debt, rising interest rates would adversely affect our
results of operation.
  We have entered into debt agreements with covenants that restrict our operating activities,
which could adversely affect our results of operations, and violation of these restrictive
covenants could adversely affect our financial condition through debt defaults or acceleration.
  
    
    secured debt to total asset value ratio;
    
    interest coverage ratio;
    
    fixed charge coverage ratio;
    
    debt to total asset value ratio;
    
    unencumbered interest coverage ratio;
    
    unencumbered leverage ratio; and
    
    adjusted total asset value.
  
    
    incur secured and unsecured indebtedness;
    
    sell all or substantially all or our assets; and
    
    engage in mergers, consolidations and acquisitions.
  Our inability to obtain sufficient third party financing could adversely affect our results of
operations and financial condition because we depend on third party financing for our development,
expansion or acquisition activities.
  Our senior notes do not have an established trading market, therefore, holders of our notes
may not be able to sell their notes.
  25




---



##### Table of Contents



Risks Associated with Our Organization
 Some of Trusts trustees and officers have conflicts of interest and could exercise influence
in a manner inconsistent with holders of interests of in CRLP.
   Restrictions on the acquisition and change in control of the Trust may have adverse effects on
the value of our common units.
  The Trusts Declaration of Trust contains ownership limits and restrictions on
transferability.
 
    
    9.8%, in either number of shares or value (whichever is more restrictive), of any class
of outstanding shares of the Trust;
    
    5% in number or value (whichever is more restrictive), of the outstanding common shares
and any outstanding excess shares of the Trust; and
    
    in the case of certain excluded holders related to the Lowder family: 29% by one
individual; 34% by two individuals; 39% by three individuals; or 44% by four individuals.
  The Trusts Declaration of Trust permits the Board of Trustees to issue preferred shares with
terms that may discourage a third party from acquiring the Trust.
 The Trusts Declaration of Trust and Bylaws contain other possible anti-takeover provisions.
 
    
    a prohibition on shareholder action by written consent;
    
    the ability to remove trustees only at a meeting of shareholders called for that
purpose, by the affirmative vote of the holders of not less than two-thirds of the shares
then outstanding and entitled to vote in the election of trustees;
    
    the limitation that a special meetings of shareholders can be called only by the
president or chairman of the board or upon the written request of shareholders holding
outstanding shares representing at least 25% of all votes entitled to be cast at the
special meeting;
 26




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##### Table of Contents




    
    the advance written notice requirement for shareholders to nominate a trustee before a
meeting of shareholders; and
    
    the requirement that the amendment of certain provisions of the Trusts Declaration of
Trust relating to the removal of trustees, the termination of the Trust and any provision
that would have the effect of amending these provisions, require the affirmative vote of
the holders of two-thirds of the Trusts shares then outstanding.
 The Board of Trustees of the Trust has adopted a shareholder rights plan that could discourage
a third party from making a proposal to acquire the Trust.
  We may change our business policies in the future, which could adversely affect our financial
condition or results of operations.
  Risks Associated with Income Tax Laws
 The
Trusts failure to qualify as a REIT could have adverse tax
consequences.
   Even
if the Trust qualifies as a REIT, we and our subsidiaries will be required to pay some taxes.
 27




---



##### Table of Contents



If the IRS were to challenge successfully our status as a partnership
for federal income tax purposes, the Trust would cease to qualify as
a REIT and suffer other adverse consequences.
   
 Item 1B. Unresolved Staff Comments.
  28




---



##### Table of Contents



Item 2. Properties.
 General
  Summary of Properties
 Total 2005
    
    
    Percent ofUnits/
    
    
    Property
    
    
    Total 2005
    
    
    PercentageNumber of
    
    
    NRA/
    
    
    Revenue (2)
    
    
    Property
    
    
    Occupancy atType of Property
    
    Properties
    
    
    GRA (1)
    
    
    (in thousands)
    
    
    Revenue (2)
    
    
    Dec. 31, 2005 (3)Multifamily
    
    
    151
    
    
    
    44,337
    (4)
    
    $
    279,744
    
    
    
    48.9
    %
    
    
    95.3
    %Office
    
    
    62
    
    
    
    19,499,515
    (5)
    
    
    133,368
    
    
    
    23.3
    %
    
    
    91.3
    %Retail
    
    
    48
    
    
    
    13,452,603
    (6)
    
    
    159,460
    
    
    
    27.8
    %
    
    
    92.2
    %Total
    
    
    261
    
    
    
    
    
    
    $
    572,572
    (7)
    
    
    100.0
    %
 
 (1)
    
    Units (in this table only) refers to multifamily units, NRA refers to net rentable area
of office space and GRA refers to gross retail area, which includes gross leasable area and
space owned by anchor tenants.(2)
    
    Includes our proportionate share of revenue from those multifamily, office and retail
properties accounted for under the equity method, and our share of the proceeds from
properties disposed in 2005.(3)
    
    Excludes the units/square feet of development or expansion phases of one multifamily
property, one office property and two retail properties that had not achieved stabilized
occupancy as of December 31, 2005.(4)
    
    Amount includes 10,065 units at 36 multifamily properties, in which we maintain a 10.0%
- 35.0% ownership interest.(5)
    
    Amount includes 11,756,400 square feet at 27 office properties, in which we maintain a
15.0%  33.33% ownership interest.(6)
    
    Amount includes 4,901,300 square feet at 10 retail properties, in which we maintain a
10.0%  50.0% ownership interest. Square footage includes anchor-owned square footage.(7)
    
    Amount includes $30,332 of our proportionate share of revenue from unconsolidated
properties and $61,973 of revenue from properties classified as discontinued operations during
2005. In order to arrive at consolidated property revenues of $480,266, in accordance with
GAAP, these amounts must be removed from the total property revenue. Management believes
including our proportionate share of revenue from unconsolidated properties and revenues from
discontinued operations provides investors with a more complete description of our gross
revenues. Multifamily Properties
   29




---



##### Table of Contents



Multifamily Properties
 Average
    
    
    Total Multifamily
    
    
    Percent of TotalYear
    
    Number
    
    
    Approximate
    
    
    
    
    
    
    Rental
    
    
    Property
    
    
    2005 MultifamilyMultifamily
    
    
    
    Completed
    
    of
    
    
    Rentable Area
    
    
    Percent
    
    
    Rate
    
    
    Revenue for
    
    
    PropertyProperty (1)
    
    Location
    
    (2)
    
    Units (3)
    
    
    (Square Feet)
    
    
    Occupied
    
    
    Per Unit
    
    
    2005
    
    
    Revenue (4)Alabama:CG at Edgewater
    
    Huntsville
    
    1990
    
    
    500
    
    
    
    541,650
    
    
    
    96.2
    %
    
    
    733
    
    
    
    4,170,604
    
    
    
    1.5
    %CG at Galleria
    
    Birmingham
    
    1986/96
    
    
    1,080
    
    
    
    1,195,186
    
    
    
    94.8
    %
    
    
    679
    
    
    
    9,117,933
    
    
    
    3.3
    %CG at Galleria Woods
    
    Birmingham
    
    1994
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    525,906
    (8)
    
    
    0.2
    %CG at Inverness Lakes II (7)
    
    Mobile
    
    1996
    
    
    312
    
    
    
    329,926
    
    
    
    92.0
    %
    
    
    676
    
    
    
    361,007
    
    
    
    0.1
    %CG at Liberty Park
    
    Birmingham
    
    2000
    
    
    300
    
    
    
    338,684
    
    
    
    96.3
    %
    
    
    997
    
    
    
    3,355,474
    
    
    
    1.2
    %CG at Madison
    
    Huntsville
    
    2000
    
    
    336
    
    
    
    354,592
    
    
    
    94.3
    %
    
    
    800
    
    
    
    3,072,106
    
    
    
    1.1
    %CG at Mountain Brook (7)
    
    Birmingham
    
    1987/91
    
    
    392
    
    
    
    392,700
    
    
    
    94.4
    %
    
    
    722
    
    
    
    487,918
    
    
    
    0.2
    %CG at Promenade
    
    Montgomery
    
    2000
    
    
    384
    
    
    
    424,372
    
    
    
    96.4
    %
    
    
    844
    
    
    
    3,965,903
    
    
    
    1.4
    %CG at Riverchase
    
    Birmingham
    
    1984/91
    
    
    468
    
    
    
    745,840
    
    
    
    95.7
    %
    
    
    834
    
    
    
    4,439,115
    
    
    
    1.6
    %Colony Woods (7)
    
    Birmingham
    
    1988
    
    
    414
    
    
    
    450,682
    
    
    
    93.7
    %
    
    
    718
    
    
    
    355,400
    
    
    
    0.1
    %CV at Ashford Place
    
    Mobile
    
    1983
    
    
    168
    
    
    
    139,128
    
    
    
    98.2
    %
    
    
    586
    
    
    
    1,057,031
    
    
    
    0.4
    %CV at Cahaba Heights (7)
    
    Birmingham
    
    1992
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    22,110
    (8)
    
    
    0.0
    %CV at Hillwood (7)(10)
    
    Montgomery
    
    1984
    
    
    160
    
    
    
    150,912
    
    
    
    100.0
    %
    
    
    648
    
    
    
    175,760
    
    
    
    0.1
    %CV at Huntleigh Woods
    
    Mobile
    
    1978
    
    
    233
    
    
    
    199,052
    
    
    
    99.1
    %
    
    
    585
    
    
    
    1,418,235
    
    
    
    0.5
    %CV at Inverness
    
    Birmingham
    
    1986/87/90
    
    
    586
    
    
    
    551,597
    
    
    
    93.3
    %
    
    
    678
    
    
    
    4,181,802
    
    
    
    1.5
    %CV at Inverness Lakes I (7)(10)
    
    Mobile
    
    1983
    
    
    186
    
    
    
    176,460
    
    
    
    100.0
    %
    
    
    598
    
    
    
    186,047
    
    
    
    0.1
    %CV at Research Park
    
    Huntsville
    
    1987/94
    
    
    736
    
    
    
    809,343
    
    
    
    99.3
    %
    
    
    625
    
    
    
    5,555,272
    
    
    
    2.0
    %CV at Rocky Ridge (7)
    
    Birmingham
    
    1984
    
    
    226
    
    
    
    258,900
    
    
    
    95.1
    %
    
    
    630
    
    
    
    257,215
    
    
    
    0.1
    %CV at Trussville
    
    Birmingham
    
    1996/97
    
    
    376
    
    
    
    410,340
    
    
    
    93.6
    %
    
    
    749
    
    
    
    3,284,392
    
    
    
    1.2
    %Madison at Shoal Run (7)
    
    Birmingham
    
    1985
    
    
    276
    
    
    
    249,300
    
    
    
    97.5
    %
    
    
    637
    
    
    
    214,028
    
    
    
    0.1
    %Meadows at Brook Highland (7)
    
    Birmingham
    
    1987
    
    
    400
    
    
    
    465,605
    
    
    
    96.5
    %
    
    
    730
    
    
    
    323,169
    
    
    
    0.1
    %The Grove at Riverchase (7)
    
    Birmingham
    
    1996
    
    
    345
    
    
    
    344,625
    
    
    
    95.7
    %
    
    
    777
    
    
    
    182,716
    (6)
    
    
    0.1
    %Deer Creek Homes
    
    Montgomery
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    27,386
    
    
    
    0.0
    %Subtotal  Alabama
    
    
    
    
    
    
    7,878
    
    
    
    8,528,894
    
    
    
    95.8
    %
    
    
    716
    
    
    
    46,736,529
    
    
    
    16.8
    %ArizonaArabian Trials (7)
    
    Scottsdale
    
    1986
    
    
    384
    
    
    
    347,240
    
    
    
    97.1
    %
    
    
    1,054
    
    
    
    627,495
    
    
    
    0.2
    %Casa Lindas (7)
    
    Tucson
    
    1986
    
    
    144
    
    
    
    160,624
    
    
    
    95.1
    %
    
    
    774
    
    
    
    248,653
    
    
    
    0.1
    %Colonia del Rio (7)
    
    Tucson
    
    1985
    
    
    176
    
    
    
    177,892
    
    
    
    96.0
    %
    
    
    737
    
    
    
    302,325
    
    
    
    0.1
    %Fairway Crossing (7)
    
    Phoenix
    
    1986
    
    
    310
    
    
    
    303,170
    
    
    
    94.2
    %
    
    
    759
    
    
    
    477,766
    
    
    
    0.2
    %Hacienda del Rio (7)
    
    Tucson
    
    1983
    
    
    248
    
    
    
    152,504
    
    
    
    97.6
    %
    
    
    542
    
    
    
    297,500
    
    
    
    0.1
    %La Entrada (7)
    
    Scottsdale
    
    1988
    
    
    130
    
    
    
    112,810
    
    
    
    98.5
    %
    
    
    830
    
    
    
    217,262
    
    
    
    0.1
    %Pinnancle Heights (7)
    
    Tucson
    
    1995
    
    
    310
    
    
    
    339,364
    
    
    
    97.1
    %
    
    
    936
    
    
    
    591,829
    
    
    
    0.2
    %Posada del Este (7)
    
    Phoenix
    
    1979
    
    
    148
    
    
    
    128,894
    
    
    
    98.0
    %
    
    
    802
    
    
    
    248,000
    
    
    
    0.1
    %Rancho Viejo (7)
    
    Phoenix
    
    1985
    
    
    266
    
    
    
    207,366
    
    
    
    98.5
    %
    
    
    665
    
    
    
    324,875
    
    
    
    0.1
    %Springhill (7)
    
    Tucson
    
    1988
    
    
    224
    
    
    
    175,520
    
    
    
    97.8
    %
    
    
    626
    
    
    
    304,377
    
    
    
    0.1
    %Subtotal  Arizona
    
    
    
    
    
    
    2,340
    
    
    
    2,105,384
    
    
    
    96.9
    %
    
    
    790
    
    
    
    3,640,082
    
    
    
    1.3
    %Florida:CG at Bayshore (7)
    
    Bradenton
    
    1997
    
    
    376
    
    
    
    368,900
    
    
    
    98.9
    %
    
    
    816
    
    
    
    977,505
    
    
    
    0.4
    %CG at Cypress Crossing
    
    Orlando
    
    1999
    
    
    250
    
    
    
    314,596
    
    
    
    98.4
    %
    
    
    1,002
    
    
    
    2,992,702
    
    
    
    1.1
    %Cypress Cove at Suntree (7)
    
    Melbourne
    
    1991
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    151,038
    (8)
    
    
    0.1
    %CG at Gainesville
    
    Gainesville
    
    1989/93/94
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,135,323
    (8)
    
    
    0.4
    %CG at Heather Glen
    
    Orlando
    
    2000
    
    
    448
    
    
    
    524,074
    
    
    
    98.7
    %
    
    
    929
    
    
    
    4,893,309
    
    
    
    1.8
    %CG at Heathrow
    
    Orlando
    
    1997
    
    
    312
    
    
    
    370,028
    
    
    
    100.0
    %
    
    
    979
    
    
    
    3,417,193
    
    
    
    1.2
    %CG at Hunters Creek
    
    Orlando
    
    1997
    
    
    496
    
    
    
    624,464
    
    
    
    96.4
    %
    
    
    951
    
    
    
    5,601,577
    
    
    
    2.0
    %CG at Lakewood Ranch
    
    Sarasota
    
    1999
    
    
    288
    
    
    
    301,656
    
    
    
    99.0
    %
    
    
    991
    
    
    
    3,580,415
    
    
    
    1.3
    %CG at Metrowest
    
    Orlando
    
    1997
    
    
    311
    
    
    
    313,500
    
    
    
    96.8
    %
    
    
    845
    
    
    
    3,236,817
    
    
    
    1.2
    %CG at Palma Sola (7)(10)
    
    Bradenton
    
    1992
    
    
    340
    
    
    
    291,796
    
    
    
    97.4
    %
    
    
    796
    
    
    
    803,206
    
    
    
    0.3
    %CG at River Hills (7)
    
    Tampa
    
    1991/97
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    126,423
    (8)
    
    
    0.0
    %CG at Seven Oaks
    
    Tampa
    
    2004
    
    
    318
    
    
    
    301,131
    
    
    
    94.3
    %
    
    
    920
    
    
    
    3,502,650
    
    
    
    1.3
    %CG at TownPark
    
    Orlando
    
    2002
    
    
    456
    
    
    
    584,664
    
    
    
    98.0
    %
    
    
    1,014
    
    
    
    5,360,554
    
    
    
    1.9
    %CG at TownPark Reserve
    
    Orlando
    
    2004
    
    
    80
    
    
    
    64,900
    
    
    
    100.0
    %
    
    
    1,302
    
    
    
    1,018,853
    
    
    
    0.4
    %CV at Lake Mary
    
    Orlando
    
    1991/95
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,756,296
    (8)
    
    
    0.6
    %CV at TownPark
    
    Sarasota
    
    2002
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    789,187
    (8)
    
    
    0.3
    %CV at Twin Lakes
    
    Orlando
    
    2004
    
    
    460
    
    
    
    138,200
    
    
    
    97.4
    %
    
    
    1,178
    
    
    
    3,673,074
    
    
    
    1.3
    %St. Andrews
    
    Jensen Beach
    
    2002
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    1,249,943
    
    
    
    0.5
    %Mizner / Delray Beach
    
    Delray Beach
    
    2002
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    908,289
    
    
    
    0.3
    %Subtotal  Florida
    
    
    
    
    
    
    4,135
    
    
    
    4,197,909
    
    
    
    97.8
    %
    
    
    960
    
    
    
    45,174,354
    
    
    
    16.3
    %Georgia:CG at Barrett Creek
    
    Atlanta
    
    1999
    
    
    332
    
    
    
    309,456
    
    
    
    94.3
    %
    
    
    728
    
    
    
    1,046,471
    (6)
    
    
    0.4
    %CG at Barrington Club (7)(10)
    
    Macon
    
    1996
    
    
    176
    
    
    
    191,940
    
    
    
    98.9
    %
    
    
    739
    
    
    
    198,256
    
    
    
    0.1
    %CG at Berkeley Lake
    
    Atlanta
    
    1998
    
    
    180
    
    
    
    243,941
    
    
    
    96.1
    %
    
    
    1,016
    
    
    
    1,979,314
    
    
    
    0.7
    %CG at Enclave
    
    Atlanta
    
    1995
    
    
    200
    
    
    
    296,000
    
    
    
    94.5
    %
    
    
    903
    
    
    
    1,457,241
    
    
    
    0.5
    %CG at Hammocks
    
    Savannah
    
    1997
    
    
    308
    
    
    
    323,844
    
    
    
    97.4
    %
    
    
    845
    
    
    
    2,437,184
    (6)
    
    
    0.9
    %CG at McGinnis Ferry
    
    Atlanta
    
    1997
    
    
    434
    
    
    
    510,000
    
    
    
    96.3
    %
    
    
    916
    
    
    
    4,396,179
    
    
    
    1.6
    %CG at Mount Vernon
    
    Atlanta
    
    1997
    
    
    213
    
    
    
    257,180
    
    
    
    97.2
    %
    
    
    1,099
    
    
    
    2,563,756
    
    
    
    0.9
    %CG at River Oaks
    
    Atlanta
    
    1992
    
    
    216
    
    
    
    276,208
    
    
    
    94.4
    %
    
    
    941
    
    
    
    2,174,123
    
    
    
    0.8
    %CG at River Plantation
    
    Atlanta
    
    1994
    
    
    232
    
    
    
    311,000
    
    
    
    93.5
    %
    
    
    985
    
    
    
    2,436,215
    
    
    
    0.9
    %CG at Sugarloaf
    
    Atlanta
    
    2002
    
    
    250
    
    
    
    329,600
    
    
    
    90.4
    %
    
    
    908
    
    
    
    2,530,911
    
    
    
    0.9
    %CG at Wesleyan
    
    Macon
    
    1997
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    590,850
    (8)
    
    
    0.2
    %CG at Whitemarsh (10)
    
    Savannah
    
    2002
    
    
    352
    
    
    
    347,707
    
    
    
    92.9
    %
    
    
    1,367
    
    
    
    2,603,284
    (6)
    
    
    0.9
    %CV at Greentree
    
    Savannah
    
    1984
    
    
    194
    
    
    
    165,216
    
    
    
    99.0
    %
    
    
    691
    
    
    
    1,116,253
    (6)
    
    
    0.4
    %CV at Huntington
    
    Savannah
    
    1986
    
    
    147
    
    
    
    121,112
    
    
    
    96.6
    %
    
    
    729
    
    
    
    969,626
    (6)
    
    
    0.3
    %CV at Marsh Cove
    
    Savannah
    
    1983
    
    
    188
    
    
    
    412,041
    
    
    
    92.0
    %
    
    
    770
    
    
    
    1,210,460
    (6)
    
    
    0.4
    %CV at Poplar Place
    
    Atlanta
    
    1989/95
    
    
    324
    
    
    
    269,377
    
    
    
    92.6
    %
    
    
    756
    
    
    
    1,910,745
    (6)
    
    
    0.7
    %CV at Spring Lake
    
    Atlanta
    
    1986
    
    
    188
    
    
    
    189,712
    
    
    
    94.7
    %
    
    
    717
    
    
    
    1,117,166
    (6)
    
    
    0.4
    %CV at Stockbridge (7)(10)
    
    Stockbridge
    
    1993/94
    
    
    240
    
    
    
    253,200
    
    
    
    95.8
    %
    
    
    764
    
    
    
    272,479
    
    
    
    0.1
    %CV at Stone Brook (10)
    
    Atlanta
    
    1986
    
    
    188
    
    
    
    176,200
    
    
    
    87.2
    %
    
    
    714
    
    
    
    1,050,819
    (6)
    
    
    0.4
    %CV at Timothy Woods
    
    Athens
    
    1996
    
    
    204
    
    
    
    211,444
    
    
    
    95.6
    %
    
    
    758
    
    
    
    1,688,042
    
    
    
    0.6
    %Merritt at Godley Station (7)
    
    Savannah
    
    2005
    
    
    312
    
    
    
    337,300
    
    
    LU      (9)
    
    
    698
    
    
    
    477,491
    (6)
    
    
    0.2
    %Ashley Run
    
    Atlanta
    
    1987
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    596,484
    (6)(8)
    
    
    0.2
    %Carlyle Club Apartments
    
    Atlanta
    
    1974
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    274,925
    (6)(8)
    
    
    0.1
    %Dunwoody Springs
    
    Atlanta
    
    1981
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    380,850
    (6)(8)
    
    
    0.1
    %CV at Walton Way
    
    Augusta
    
    1984
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    496,454
    
    
    
    0.2
    %CV at Vernon Marsh
    
    Savannah
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,076
    
    
    
    0.0
    %Subtotal  Georgia
    
    
    
    
    
    
    4,878
    
    
    
    5,532,478
    
    
    
    95.0
    %
    
    
    877
    
    
    
    35,977,654
    
    
    
    13.0
    %
 30




---



##### Table of Contents



Average
    
    
    Total Multifamily
    
    
    Percent of TotalYear
    
    Number
    
    
    Approximate
    
    
    
    
    
    
    Rental
    
    
    Property
    
    
    2005 MultifamilyMultifamily
    
    
    
    Completed
    
    of
    
    
    Rentable Area
    
    
    Percent
    
    
    Rate
    
    
    Revenue for
    
    
    PropertyProperty (1)
    
    Location
    
    (2)
    
    Units (3)
    
    
    (Square Feet)
    
    
    Occupied
    
    
    Per Unit
    
    
    2005
    
    
    Revenue (4)Mississippi:CG at The Reservoir
    
    Jackson
    
    2000
    
    
    170
    
    
    
    195,605
    
    
    
    100.0
    %
    
    
    886
    
    
    
    1,761,994
    
    
    
    0.6
    %CG at Natchez Trace
    
    Jackson
    
    1995/97
    
    
    328
    
    
    
    342,800
    
    
    
    97.9
    %
    
    
    741
    
    
    
    2,761,039
    
    
    
    1.0
    %Subtotal  Mississippi
    
    
    
    
    
    
    498
    
    
    
    538,405
    
    
    
    98.6
    %
    
    
    790
    
    
    
    4,523,033
    
    
    
    1.6
    %NevadaDesert Lakes (7)
    
    Las Vegas
    
    1991
    
    
    184
    
    
    
    188,360
    
    
    
    94.0
    %
    
    
    977
    
    
    
    403,810
    
    
    
    0.1
    %Pinnacle Flamingo West (7)
    
    Las Vegas
    
    1986
    
    
    324
    
    
    
    320,364
    
    
    
    96.9
    %
    
    
    831
    
    
    
    689,691
    
    
    
    0.2
    %Talavera (7)
    
    Las Vegas
    
    1995
    
    
    350
    
    
    
    353,724
    
    
    
    96.0
    %
    
    
    951
    
    
    
    800,747
    
    
    
    0.3
    %Subtotal  Nevada
    
    
    
    
    
    
    858
    
    
    
    862,448
    
    
    
    95.9
    %
    
    
    911
    
    
    
    1,894,248
    
    
    
    0.7
    %New MexicoPinnacle Estates (7)
    
    Albuquerque
    
    1998
    
    
    294
    
    
    
    313,420
    
    
    
    93.5
    %
    
    
    872
    
    
    
    618,524
    
    
    
    0.2
    %Pinnacle High Desert (7)
    
    Albuquerque
    
    1986
    
    
    430
    
    
    
    478,036
    
    
    
    95.6
    %
    
    
    936
    
    
    
    959,053
    
    
    
    0.3
    %Pinnacle High Resort (7)
    
    Albuquerque
    
    1998
    
    
    301
    
    
    
    322,770
    
    
    
    93.7
    %
    
    
    796
    
    
    
    561,664
    
    
    
    0.2
    %Subtotal  New Mexico
    
    
    
    
    
    
    1,025
    
    
    
    1,114,226
    
    
    
    94.4
    %
    
    
    877
    
    
    
    2,139,241
    
    
    
    0.8
    %North Carolina:Autumn Park
    
    Greensboro
    
    2001/04
    
    
    402
    
    
    
    350,395
    
    
    
    92.8
    %
    
    
    828
    
    
    
    2,660,949
    (6)
    
    
    1.0
    %Beacon Hill
    
    Charlotte
    
    1985
    
    
    349
    
    
    
    256,075
    
    
    
    93.7
    %
    
    
    652
    
    
    
    1,677,853
    (6)
    
    
    0.6
    %Bridgetown Bay
    
    Charlotte
    
    1986
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    121,051
    (6)(8)
    
    
    0.0
    %CG at Arringdon
    
    Raleigh/Durham
    
    2003
    
    
    320
    
    
    
    336,000
    
    
    
    95.0
    %
    
    
    892
    
    
    
    2,703,208
    
    
    
    1.0
    %CG at Beverly Crest
    
    Charlotte
    
    1996
    
    
    300
    
    
    
    278,685
    
    
    
    97.0
    %
    
    
    824
    
    
    
    2,532,283
    
    
    
    0.9
    %CG at Crabtree Valley
    
    Raleigh
    
    1997
    
    
    210
    
    
    
    209,670
    
    
    
    94.8
    %
    
    
    855
    
    
    
    164,506
    (6)
    
    
    0.1
    %CG at Legacy Park
    
    Charlotte
    
    2001
    
    
    288
    
    
    
    289,080
    
    
    
    94.1
    %
    
    
    796
    
    
    
    1,874,907
    (6)
    
    
    0.7
    %CG at Mallard Creek
    
    Charlotte
    
    2004
    
    
    252
    
    
    
    105,336
    
    
    
    98.4
    %
    
    
    860
    
    
    
    859,059
    
    
    
    0.3
    %CG at Mallard Lake
    
    Charlotte
    
    1998
    
    
    302
    
    
    
    300,806
    
    
    
    93.4
    %
    
    
    807
    
    
    
    226,953
    (6)
    
    
    0.1
    %CG at Patterson Place
    
    Durham
    
    1997
    
    
    252
    
    
    
    238,654
    
    
    
    96.0
    %
    
    
    883
    
    
    
    2,293,057
    
    
    
    0.8
    %CG at Research Park (7)
    
    Raleigh
    
    2002
    
    
    370
    
    
    
    383,978
    
    
    
    91.9
    %
    
    
    805
    
    
    
    277,654
    (6)
    
    
    0.1
    %CG at Trinity Commons
    
    Raleigh
    
    2000/02
    
    
    462
    
    
    
    277,212
    
    
    
    97.0
    %
    
    
    818
    
    
    
    2,886,412
    (6)
    
    
    1.0
    %CG at Wilmington
    
    Wilmington
    
    1998/2002
    
    
    390
    
    
    
    351,936
    
    
    
    95.9
    %
    
    
    688
    
    
    
    2,534,318
    (6)
    
    
    0.9
    %Clarion Crossing
    
    Raleigh
    
    1972
    
    
    260
    
    
    
    175,400
    
    
    
    95.0
    %
    
    
    711
    
    
    
    1,354,585
    (6)
    
    
    0.5
    %CV at Charleston Place
    
    Charlotte
    
    1986
    
    
    214
    
    
    
    172,405
    
    
    
    94.4
    %
    
    
    645
    
    
    
    1,027,616
    (6)
    
    
    0.4
    %CV at Deerfield
    
    Raleigh
    
    1985
    
    
    204
    
    
    
    181,112
    
    
    
    90.2
    %
    
    
    777
    
    
    
    1,294,403
    (6)
    
    
    0.5
    %CV at Greystone
    
    Charlotte
    
    1998/2000
    
    
    408
    
    
    
    378,300
    
    
    
    93.4
    %
    
    
    723
    
    
    
    2,228,789
    (6)
    
    
    0.8
    %CV at Highland Hills
    
    Raleigh
    
    1987
    
    
    264
    
    
    
    264,088
    
    
    
    94.7
    %
    
    
    871
    
    
    
    1,632,841
    (6)
    
    
    0.6
    %CV at Meadow Creek
    
    Charlotte
    
    1984
    
    
    250
    
    
    
    214,920
    
    
    
    92.0
    %
    
    
    653
    
    
    
    1,242,631
    (6)
    
    
    0.4
    %CV at Mill Creek
    
    Greensboro
    
    1984
    
    
    220
    
    
    
    197,320
    
    
    
    91.4
    %
    
    
    596
    
    
    
    1,142,082
    (6)
    
    
    0.4
    %CV at Paces Glen (10)
    
    Charlotte
    
    1986
    
    
    172
    
    
    
    155,672
    
    
    
    89.5
    %
    
    
    593
    
    
    
    799,713
    (6)
    
    
    0.3
    %CV at Pinnacle Ridge
    
    Asheville
    
    1951/85
    
    
    166
    
    
    
    146,856
    
    
    
    97.0
    %
    
    
    691
    
    
    
    912,834
    (6)
    
    
    0.3
    %CV at Regency Place
    
    Raleigh
    
    1986
    
    
    180
    
    
    
    151,200
    
    
    
    95.0
    %
    
    
    708
    
    
    
    988,761
    (6)
    
    
    0.4
    %CV at Remington Place (10)
    
    Raleigh
    
    1985
    
    
    136
    
    
    
    149,386
    
    
    
    97.1
    %
    
    
    795
    
    
    
    811,740
    (6)
    
    
    0.3
    %CV at South Tryon
    
    Charlotte
    
    2002
    
    
    216
    
    
    
    230,533
    
    
    
    98.6
    %
    
    
    825
    
    
    
    1,298,567
    (6)
    
    
    0.5
    %CV at Stone Point
    
    Charlotte
    
    1986
    
    
    192
    
    
    
    162,816
    
    
    
    93.8
    %
    
    
    703
    
    
    
    1,020,446
    (6)
    
    
    0.4
    %CV at Timber Crest
    
    Charlotte
    
    2000
    
    
    282
    
    
    
    277,116
    
    
    
    94.0
    %
    
    
    754
    
    
    
    1,641,980
    (6)
    
    
    0.6
    %Glen Eagles I & II
    
    Greensboro
    
    1990/2000
    
    
    310
    
    
    
    158,028
    
    
    
    90.0
    %
    
    
    678
    
    
    
    1,753,847
    (6)
    
    
    0.6
    %Heatherwood
    
    Charlotte
    
    1980
    
    
    476
    
    
    
    432,274
    
    
    
    91.6
    %
    
    
    621
    
    
    
    2,339,466
    (6)
    
    
    0.8
    %Parkside at Woodlake
    
    Raleigh
    
    1996
    
    
    266
    
    
    
    230,172
    
    
    
    91.0
    %
    
    
    721
    
    
    
    1,490,615
    (6)
    
    
    0.5
    %Summerwalk (10)
    
    Charlotte
    
    1983
    
    
    160
    
    
    
    154,000
    
    
    
    98.1
    %
    
    
    661
    
    
    
    887,288
    (6)
    
    
    0.3
    %The Landing
    
    Raleigh
    
    1984
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,128,103
    (6)(8)
    
    
    0.4
    %The Meadows I, II, & III (10)
    
    Asheville
    
    1974/2001
    
    
    392
    
    
    
    187,628
    
    
    
    94.4
    %
    
    
    723
    
    
    
    2,307,341
    (6)
    
    
    0.8
    %The Timbers (10)
    
    Raleigh
    
    1983
    
    
    176
    
    
    
    131,120
    
    
    
    93.2
    %
    
    
    614
    
    
    
    844,529
    (6)
    
    
    0.3
    %The Trestles
    
    Raleigh
    
    1987
    
    
    280
    
    
    
    217,320
    
    
    
    95.7
    %
    
    
    668
    
    
    
    1,306,738
    (6)
    
    
    0.5
    %Subtotal  North Carolina
    
    
    
    
    
    
    9,121
    
    
    
    7,745,493
    
    
    
    94.1
    %
    
    
    744
    
    
    
    50,267,125
    
    
    
    18.1
    %South Carolina:CV at Ashley Plantation
    
    Bluffton
    
    1998/2000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    729,142
    (8)
    
    
    0.3
    %Arbors at Windsor Lake (7)
    
    Columbia
    
    1991
    
    
    228
    
    
    
    216,240
    
    
    
    93.4
    %
    
    
    729
    
    
    
    144,854
    
    
    
    0.1
    %Cape Landing
    
    Myrtle Beach
    
    1997/98
    
    
    288
    
    
    
    268,632
    
    
    
    91.0
    %
    
    
    673
    
    
    
    1,806,626
    (6)
    
    
    0.7
    %CG at Quarterdeck
    
    Charleston
    
    1987
    
    
    230
    
    
    
    218,880
    
    
    
    95.7
    %
    
    
    823
    
    
    
    1,767,538
    (6)
    
    
    0.6
    %CV at Caledon Wood (10)
    
    Greenville
    
    1995/96
    
    
    350
    
    
    
    348,305
    
    
    
    97.7
    %
    
    
    720
    
    
    
    2,622,996
    
    
    
    0.9
    %CV at Hampton Pointe
    
    Charleston
    
    1986
    
    
    304
    
    
    
    314,600
    
    
    
    93.1
    %
    
    
    708
    
    
    
    2,094,662
    (6)
    
    
    0.8
    %CV at Waters Edge
    
    Charleston
    
    1985
    
    
    204
    
    
    
    187,640
    
    
    
    92.6
    %
    
    
    675
    
    
    
    1,413,832
    (6)
    
    
    0.5
    %CV at Westchase
    
    Charleston
    
    1985
    
    
    352
    
    
    
    248,391
    
    
    
    94.9
    %
    
    
    626
    
    
    
    2,103,932
    (6)
    
    
    0.8
    %CV at Windsor Place
    
    Charleston
    
    1985
    
    
    224
    
    
    
    213,440
    
    
    
    92.9
    %
    
    
    640
    
    
    
    1,378,644
    (6)
    
    
    0.5
    %Merritt at James Island (10)
    
    Charleston
    
    2002
    
    
    230
    
    
    
    257,384
    
    
    
    92.6
    %
    
    
    1,075
    
    
    
    2,301,570
    (6)
    
    
    0.8
    %Stone Ridge (7)
    
    Columbia
    
    1972
    
    
    191
    
    
    
    196,170
    
    
    
    92.7
    %
    
    
    618
    
    
    
    77,537
    
    
    
    0.0
    %Subtotal  South Carolina
    
    
    
    
    
    
    2,601
    
    
    
    2,469,682
    
    
    
    93.9
    %
    
    
    724
    
    
    
    16,441,333
    
    
    
    5.9
    %TennesseeCG at Bellevue
    
    Nashville
    
    1996
    
    
    349
    
    
    
    344,954
    
    
    
    94.6
    %
    
    
    844
    
    
    
    314,322
    (6)
    
    
    0.1
    %CG at Brentwood (7)
    
    Nashville
    
    1995
    
    
    254
    
    
    
    242,155
    
    
    
    95.3
    %
    
    
    978
    
    
    
    681,238
    
    
    
    0.2
    %CG at Shelby Farms
    
    Memphis
    
    1998
    
    
    296
    
    
    
    318,302
    
    
    
    94.6
    %
    
    
    768
    
    
    
    235,983
    (6)
    
    
    0.1
    %CV at Hendersonville (7)
    
    Nashville
    
    1992
    
    
    364
    
    
    
    250,400
    
    
    
    92.3
    %
    
    
    666
    
    
    
    668,759
    
    
    
    0.2
    %Subtotal  Tennessee
    
    
    
    
    
    
    1,263
    
    
    
    1,155,811
    
    
    
    94.1
    %
    
    
    802
    
    
    
    1,900,302
    
    
    
    0.7
    %
 31




---



##### Table of Contents



Average
    
    
    Total Multifamily
    
    
    Percent of TotalYear
    
    Number
    
    
    Approximate
    
    
    
    
    
    
    Rental
    
    
    Property
    
    
    2005 MultifamilyMultifamily
    
    
    
    Completed
    
    of
    
    
    Rentable Area
    
    
    Percent
    
    
    Rate
    
    
    Revenue for
    
    
    PropertyProperty (1)
    
    Location
    
    (2)
    
    Units (3)
    
    
    (Square Feet)
    
    
    Occupied
    
    
    Per Unit
    
    
    2005
    
    
    Revenue (4)Texas:The Cunningham Apartments (7)
    
    Austin
    
    2000
    
    
    280
    
    
    
    257,338
    
    
    
    90.0
    %
    
    
    765
    
    
    
    451,062
    
    
    
    0.2
    %Aspen Hills
    
    Fort Worth
    
    1979
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    178,930
    (6)(8)
    
    
    0.1
    %Brookfield (10)
    
    Dallas
    
    1984
    
    
    232
    
    
    
    165,648
    
    
    
    89.2
    %
    
    
    563
    
    
    
    1,072,243
    (6)
    
    
    0.4
    %CG at Bear Creek
    
    Fort Worth
    
    1998
    
    
    436
    
    
    
    394,969
    
    
    
    95.2
    %
    
    
    931
    
    
    
    1,455,724
    (6)
    
    
    0.5
    %CG at Round Rock
    
    Austin
    
    DEV
    
    
    N/A
    
    
    
    433,816
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    4,247
    
    
    
    0.0
    %CG at Silverado Reserve
    
    Austin
    
    DEV
    
    
    N/A
    
    
    
    267,776
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    7,636
    
    
    
    0.0
    %CG at Valley Ranch
    
    Dallas
    
    1997
    
    
    396
    
    
    
    462,123
    
    
    
    98.2
    %
    
    
    1,081
    
    
    
    3,601,741
    (6)
    
    
    1.3
    %Copper Crossing (10)
    
    Fort Worth
    
    1980/81
    
    
    400
    
    
    
    309,200
    
    
    
    91.0
    %
    
    
    525
    
    
    
    1,867,044
    (6)
    
    
    0.7
    %Cottonwood Crossing
    
    Fort Worth
    
    1985
    
    
    200
    
    
    
    150,200
    
    
    
    92.5
    %
    
    
    544
    
    
    
    914,182
    (6)
    
    
    0.3
    %Cutters Point
    
    Dallas
    
    1978
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    779,311
    (6)(8)
    
    
    0.3
    %CV at Bear Creek
    
    Fort Worth
    
    1984
    
    
    120
    
    
    
    90,600
    
    
    
    98.3
    %
    
    
    649
    
    
    
    676,639
    (6)
    
    
    0.2
    %CV at Bedford
    
    Fort Worth
    
    1983
    
    
    238
    
    
    
    153,986
    
    
    
    96.6
    %
    
    
    584
    
    
    
    1,176,166
    (6)
    
    
    0.4
    %CV at Canyon Hills
    
    Austin
    
    1996
    
    
    229
    
    
    
    163,056
    
    
    
    99.6
    %
    
    
    748
    
    
    
    1,338,125
    (6)
    
    
    0.5
    %CV at Estrada (10)
    
    Dallas
    
    1983
    
    
    248
    
    
    
    191,208
    
    
    
    97.2
    %
    
    
    628
    
    
    
    1,237,382
    (6)
    
    
    0.4
    %CV at Haverhill
    
    San Antonio
    
    1997
    
    
    322
    
    
    
    326,914
    
    
    
    95.7
    %
    
    
    953
    
    
    
    3,144,274
    
    
    
    1.1
    %CV at Main Park
    
    Dallas
    
    1984
    
    
    192
    
    
    
    226,944
    
    
    
    92.7
    %
    
    
    754
    
    
    
    1,272,863
    (6)
    
    
    0.5
    %CV at North Arlington
    
    Fort Worth
    
    1985
    
    
    240
    
    
    
    190,560
    
    
    
    95.8
    %
    
    
    654
    
    
    
    1,342,157
    (6)
    
    
    0.5
    %CV at Pear Ridge
    
    Dallas
    
    1988
    
    
    242
    
    
    
    187,308
    
    
    
    93.0
    %
    
    
    665
    
    
    
    1,440,618
    (6)
    
    
    0.5
    %CV at Quarry Oaks
    
    Austin
    
    1996
    
    
    533
    
    
    
    459,800
    
    
    
    93.6
    %
    
    
    748
    
    
    
    4,174,753
    
    
    
    1.5
    %CV at Sierra Vista
    
    Austin
    
    1999
    
    
    232
    
    
    
    204,400
    
    
    
    94.0
    %
    
    
    694
    
    
    
    1,760,923
    
    
    
    0.6
    %CV at Silverado
    
    Austin
    
    2004
    
    
    238
    
    
    
    38,100
    
    
    
    93.3
    %
    
    
    948
    
    
    
    1,504,199
    
    
    
    0.5
    %The Arbors at Forest Ridge
    
    Fort Worth
    
    1986
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    750,615
    (6)(8)
    
    
    0.3
    %The Meridian
    
    Austin
    
    1988
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    717,433
    (6)(8)
    
    
    0.3
    %Devonshire
    
    Dallas
    
    1978
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    163,219
    (6)(8)
    
    
    0.1
    %Eagle Crest
    
    Dallas
    
    1983
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,829,184
    (6)(8)
    
    
    0.7
    %Mill Crossing
    
    Fort Worth
    
    1979
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    216,991
    (6)(8)
    
    
    0.1
    %Sierra Ridge
    
    San Antonio
    
    1981
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    798,610
    (6)(8)
    
    
    0.3
    %Silverbrook I & II
    
    Fort Worth
    
    1982/84
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,152,272
    (6)(8)
    
    
    0.8
    %Timberglen
    
    Dallas
    
    1984
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,065,013
    (6)(8)
    
    
    0.4
    %Toscana
    
    Dallas
    
    1986
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    548,538
    (6)(8)
    
    
    0.2
    %Grayson Square I & II
    
    Fort Worth
    
    1985/86
    
    
    450
    
    
    
    380,500
    
    
    
    95.8
    %
    
    
    718
    
    
    
    2,733,150
    (6)
    
    
    1.0
    %Paces Cove
    
    Dallas
    
    1982
    
    
    328
    
    
    
    219,760
    
    
    
    100.0
    %
    
    
    551
    
    
    
    1,505,874
    (6)
    
    
    0.5
    %Paces Point
    
    Dallas
    
    1985
    
    
    300
    
    
    
    228,600
    
    
    
    95.3
    %
    
    
    608
    
    
    
    1,549,458
    (6)
    
    
    0.6
    %Remington Hills at Las Colinas (10)
    
    Dallas
    
    1984
    
    
    362
    
    
    
    345,710
    
    
    
    93.6
    %
    
    
    818
    
    
    
    2,395,681
    (6)
    
    
    0.9
    %Summer Tree
    
    Dallas
    
    1980
    
    
    232
    
    
    
    133,400
    
    
    
    94.4
    %
    
    
    515
    
    
    
    1,044,489
    (6)
    
    
    0.4
    %Subtotal  Texas
    
    
    
    
    
    
    6,450
    
    
    
    5,981,916
    
    
    
    94.8
    %
    
    
    728
    
    
    
    46,870,747
    
    
    
    16.9
    %Virginia:Arbor Trace (10)
    
    Norfolk
    
    1985
    
    
    148
    
    
    
    125,800
    
    
    
    96.6
    %
    
    
    890
    
    
    
    1,249,441
    (6)
    
    
    0.5
    %Ashley Park (10)
    
    Richmond
    
    1988
    
    
    272
    
    
    
    208,064
    
    
    
    97.4
    %
    
    
    736
    
    
    
    1,703,067
    (6)
    
    
    0.6
    %CV at Chase Gayton
    
    Richmond
    
    1984
    
    
    328
    
    
    
    311,196
    
    
    
    95.7
    %
    
    
    807
    
    
    
    2,341,087
    (6)
    
    
    0.8
    %CV at Greenbrier
    
    Richmond
    
    1980
    
    
    258
    
    
    
    219,460
    
    
    
    97.7
    %
    
    
    853
    
    
    
    2,205,299
    (6)
    
    
    0.8
    %CV at Hampton Glen
    
    Richmond
    
    1986
    
    
    232
    
    
    
    182,824
    
    
    
    96.1
    %
    
    
    808
    
    
    
    1,696,663
    (6)
    
    
    0.6
    %CV at Harbour Club
    
    Norfolk
    
    1988
    
    
    214
    
    
    
    173,972
    
    
    
    97.7
    %
    
    
    886
    
    
    
    1,859,116
    (6)
    
    
    0.7
    %CV at Tradewinds
    
    Norfolk
    
    1988
    
    
    284
    
    
    
    263,920
    
    
    
    95.4
    %
    
    
    861
    
    
    
    2,165,823
    (6)
    
    
    0.8
    %CV at Waterford
    
    Richmond
    
    1989
    
    
    312
    
    
    
    292,066
    
    
    
    96.5
    %
    
    
    834
    
    
    
    2,280,221
    (6)
    
    
    0.8
    %Mayflower Seaside (10)
    
    Norfolk
    
    1950
    
    
    265
    
    
    
    183,542
    
    
    
    95.8
    %
    
    
    969
    
    
    
    2,529,366
    (6)
    
    
    0.9
    %The Gables (10)
    
    Richmond
    
    1987
    
    
    224
    
    
    
    156,332
    
    
    
    98.2
    %
    
    
    772
    
    
    
    1,599,312
    (6)
    
    
    0.6
    %Trolley Square East & West (10)
    
    Richmond
    
    1964/65
    
    
    328
    
    
    
    180,372
    
    
    
    97.9
    %
    
    
    732
    
    
    
    2,075,468
    (6)
    
    
    0.7
    %Trophy Chase I & II
    
    Charlottesville
    
    1970
    
    
    425
    
    
    
    372,526
    
    
    
    95.1
    %
    
    
    728
    
    
    
    2,474,529
    (6)
    
    
    0.9
    %Subtotal  Virginia
    
    
    
    
    
    
    3,290
    
    
    
    2,670,074
    
    
    
    96.6
    %
    
    
    814
    
    
    
    24,179,392
    
    
    
    8.7
    %TOTAL
    
    
    
    
    
    
    44,337
    
    
    
    42,902,720
    
    
    
    95.4
    %
    
    
    780
    (5)
    
    $
    279,744,040
    
    
    
    100.0
    %
 
 (1)
    
    All multifamily properties are 100% owned by us with the exception of the properties
noted in (7) below. In the listing of multifamily property names, CG has been used as an
abbreviation for Colonial Grand and CV as an abbreviation for Colonial Village.(2)
    
    Year initially completed and, where applicable, year(s) in which additional phases were
completed at the property.(3)
    
    Units (in this table only) refer to multifamily apartment units. Number of units
includes all apartment units occupied or available for occupancy at December 31, 2005.(4)
    
    Percent of Total Multifamily 2005 Property Revenue represents each propertys
proportionate share of revenue from our 151 multifamily properties, including the
partially-owned properties, as well as 26 properties sold during 2005.(5)
    
    Represents weighted average rental rate per unit of the 151 multifamily properties at
December 31, 2005.(6)
    
    Represents revenues from the date of our acquisition of this property in 2005 through
December 31, 2005.(7)
    
    We hold a 10%  35% non-controlling interest in these joint ventures.(8)
    
    Represents revenues from January 1, 2005 through the date the properties were sold
during 2005.(9)
    
    These properties are currently in lease-up (LU) and are not included in the Percent
Occupied and Average Rental Rate per Unit totals.(10)
    
    This property is classified as held for sale and is included as discontinued
operations at December 31, 2005. 32




---



##### Table of Contents



Average BaseNumber
    
    
    Percent
    
    
    Rental RateYear-End
    
    of Units (1)
    
    
    Leased (2)
    
    
    Per UnitDecember 31, 2005
    
    
    44,337
    
    
    
    95.3
    %
    
    $
    771December 31, 2004
    
    
    25,009
    
    
    
    94.6
    %
    
    $
    818December 31, 2003
    
    
    15,224
    
    
    
    92.9
    %
    
    $
    794December 31, 2002
    
    
    14,556
    
    
    
    88.1
    %
    
    $
    785December 31, 2001
    
    
    16,256
    
    
    
    92.8
    %
    
    $
    752
 
 (1)
    
    Units (in this table only) refers to multifamily units owned at year end, which for the
year ended December 31, 2005, includes 10,065 units that we partially owned at December 31,
2005.(2)
    
    Represents weighted average occupancy of the multifamily properties that had achieved
stabilized occupancy at the end of the respective period. Office Properties
   33




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##### Table of Contents



Office Properties
 Average Base
    
    
    Total Office
    
    
    Percent ofYear
    
    Net Rentable
    
    
    
    
    
    
    Total
    
    
    Rent Per
    
    
    Property
    
    
    Total 2005Completed
    
    Area
    
    
    Percent
    
    
    Annualized
    
    
    Leased
    
    
    Revenue for
    
    
    Office PropertyOffice Property (1)
    
    
    
    
    
    Location
    
    (2)
    
    Square Feet
    
    
    Leased
    
    
    Base Rent
    
    
    Square Foot
    
    
    2005 (3)
    
    
    Revenue (4)Alabama:Colonial Center Blue Lake
    
    
    
    
    
    Birmingham
    
    1982/95
    
    
    166,554
    
    
    
    98.3
    %
    
    $
    2,912,770
    
    
    $
    17.79
    
    
    $
    3,057,460
    
    
    
    2.3
    %Colonial Center Colonnade
    
    
    
    
    
    Birmingham
    
    1989/99
    
    
    419,234
    
    
    
    99.7
    %
    
    
    7,010,124
    
    
    
    16.77
    
    
    
    8,425,226
    
    
    
    6.3
    %Riverchase Center
    
    
    
    
    
    Birmingham
    
    1984-88
    
    
    305,204
    
    
    
    97.8
    %
    
    
    2,959,153
    
    
    
    9.91
    
    
    
    3,737,907
    
    
    
    2.8
    %Land Title Bldg.
    
    
    (7
    )
    
    Birmingham
    
    1975
    
    
    29,988
    
    
    
    100.0
    %
    
    
    402,855
    
    
    
    13.43
    
    
    
    184,603
    
    
    
    0.1
    %International Park
    
    
    
    
    
    Birmingham
    
    1987/89/99
    
    
    210,733
    
    
    
    99.3
    %
    
    
    3,777,856
    
    
    
    18.05
    
    
    
    4,115,732
    
    
    
    3.1
    %Independence Plaza
    
    
    
    
    
    Birmingham
    
    1979
    
    
    106,216
    
    
    
    99.7
    %
    
    
    1,749,898
    
    
    
    16.52
    
    
    
    1,782,068
    
    
    
    1.3
    %Colonial Plaza
    
    
    
    
    
    Birmingham
    
    1999
    
    
    170,850
    
    
    
    96.3
    %
    
    
    2,884,979
    
    
    
    17.53
    
    
    
    3,278,057
    
    
    
    2.5
    %Colonial Center Lakeside
    
    
    
    
    
    Huntsville
    
    1989/90
    
    
    121,513
    
    
    
    100.0
    %
    
    
    1,943,380
    
    
    
    15.99
    
    
    
    2,169,865
    
    
    
    1.6
    %Colonial Center Research Park
    
    
    
    
    
    Huntsville
    
    1999
    
    
    133,482
    
    
    
    100.0
    %
    
    
    1,895,483
    
    
    
    14.20
    
    
    
    2,132,560
    
    
    
    1.6
    %Colonial Center Research Park #4
    
    
    
    
    
    Huntsville
    
    1999
    
    
    59,883
    
    
    
    100.0
    %
    
    
    650,302
    
    
    
    10.86
    
    
    
    651,065
    (5)
    
    
    0.5
    %Colonial Center Research Place
    
    
    
    
    
    Huntsville
    
    1979/84/88
    
    
    272,558
    
    
    
    100.0
    %
    
    
    3,535,847
    
    
    
    12.97
    
    
    
    3,574,769
    
    
    
    2.7
    %DRS building
    
    
    
    
    
    Huntsville
    
    1972/86/90/03
    
    
    215,485
    
    
    
    100.0
    %
    
    
    1,706,970
    
    
    
    7.92
    
    
    
    1,776,305
    
    
    
    1.3
    %AmSouth Center
    
    
    
    
    
    Huntsville
    
    1990
    
    
    154,521
    
    
    
    96.9
    %
    
    
    2,531,963
    
    
    
    16.91
    
    
    
    3,043,054
    
    
    
    2.3
    %Perimeter Corporate Park
    
    
    
    
    
    Huntsville
    
    1986/89
    
    
    234,570
    
    
    
    92.6
    %
    
    
    3,382,369
    
    
    
    15.57
    
    
    
    3,370,891
    
    
    
    2.5
    %Progress Center
    
    
    
    
    
    Huntsville
    
    1983-91
    
    
    224,369
    
    
    
    100.0
    %
    
    
    2,481,037
    
    
    
    11.06
    
    
    
    2,599,317
    
    
    
    1.9
    %Research Park Office Center
    
    
    
    
    
    Huntsville
    
    1984/00
    
    
    176,570
    
    
    
    96.2
    %
    
    
    1,768,663
    
    
    
    10.41
    
    
    
    2,180,240
    
    
    
    1.6
    %Interstate Park
    
    
    
    
    
    Montgomery
    
    1982-85/89
    
    
    226,961
    
    
    
    89.8
    %
    
    
    3,227,955
    
    
    
    15.84
    
    
    
    3,379,705
    
    
    
    2.5
    %250 Commerce St
    
    
    
    
    
    Montgomery
    
    1904/81
    
    
    37,447
    
    
    
    97.1
    %
    
    
    359,917
    
    
    
    9.90
    
    
    
    491,934
    
    
    
    0.4
    %Subtotal-Alabama
    
    
    
    
    
    
    
    
    
    
    3,266,138
    
    
    
    96.9
    %
    
    
    45,181,521
    
    
    
    14.28
    
    
    
    49,950,758
    
    
    
    37.3
    %Florida:Baymeadows Way
    
    
    (7
    )
    
    Jacksonville
    
    1993
    
    
    224,281
    
    
    
    100.0
    %
    
    
    2,130,669
    
    
    
    9.50
    
    
    
    104,219
    (5)
    
    
    0.1
    %Jacksonville Baymeadows
    
    
    (7
    )
    
    Jacksonville
    
    1999
    
    
    751,295
    
    
    
    97.1
    %
    
    
    9,439,219
    
    
    
    12.94
    
    
    
    466,950
    (5)
    
    
    0.4
    %Jacksonville JTB
    
    
    (7
    )
    
    Jacksonville
    
    2001
    
    
    416,773
    
    
    
    100.0
    %
    
    
    5,429,751
    
    
    
    13.03
    
    
    
    281,363
    (5)
    
    
    0.2
    %901 Maitland Center
    
    
    
    
    
    Orlando
    
    1985
    
    
    155,730
    
    
    
    76.5
    %
    
    
    2,237,235
    
    
    
    18.78
    
    
    
    2,298,706
    
    
    
    1.7
    %Colonial Center 100 at TownPark
    
    
    
    
    
    Orlando
    
    2001
    
    
    153,569
    
    
    
    100.0
    %
    
    
    3,331,526
    
    
    
    21.69
    
    
    
    3,438,006
    
    
    
    2.6
    %Colonial Center 200 at TownPark
    
    
    
    
    
    Orlando
    
    2003
    
    
    155,203
    
    
    
    100.0
    %
    
    
    3,061,699
    
    
    
    19.73
    
    
    
    3,084,030
    
    
    
    2.3
    %Colonial Center 600 at TownPark
    
    
    
    
    
    Orlando
    
    2002
    
    
    199,585
    
    
    
    100.0
    %
    
    
    3,926,154
    
    
    
    19.67
    
    
    
    4,046,492
    
    
    
    3.0
    %Colonial TownPark Office
    
    
    
    
    
    Orlando
    
    2004
    
    
    33,423
    
    
    LU           (6)
    
    
    683,124
    
    
    
    20.44
    
    
    
    662,620
    (5)
    
    
    0.5
    %Colonial Center Heathrow
    
    
    
    
    
    Orlando
    
    1988/96/00
    
    
    807,052
    
    
    
    92.1
    %
    
    
    15,167,218
    
    
    
    20.41
    
    
    
    16,817,149
    
    
    
    12.6
    %Heathrow 1001
    
    
    
    
    
    Orlando
    
    2000
    
    
    192,159
    
    
    
    95.0
    %
    
    
    3,419,702
    
    
    
    18.73
    
    
    
    1,703,718
    (5)
    
    
    1.3
    %Orlando Central
    
    
    (7
    )
    
    Orlando
    
    1980
    
    
    615,601
    
    
    
    86.0
    %
    
    
    8,709,238
    
    
    
    16.45
    
    
    
    353,929
    (5)
    
    
    0.3
    %Orlando Lake Mary
    
    
    (7
    )
    
    Orlando
    
    1999
    
    
    303,540
    
    
    
    80.4
    %
    
    
    4,107,562
    
    
    
    16.83
    
    
    
    179,211
    (5)
    
    
    0.1
    %Orlando University
    
    
    (7
    )
    
    Orlando
    
    2001
    
    
    383,367
    
    
    
    92.3
    %
    
    
    6,693,225
    
    
    
    18.92
    
    
    
    266,694
    (5)
    
    
    0.2
    %St. Petersburg Center
    
    
    (7
    )
    
    St. Petersburg
    
    2000
    
    
    673,899
    
    
    
    87.4
    %
    
    
    10,050,448
    
    
    
    17.06
    
    
    
    403,294
    (5)
    
    
    0.3
    %Tallahassee Center
    
    
    (7
    )
    
    Tallahassee
    
    1990
    
    
    836,389
    
    
    
    77.8
    %
    
    
    10,707,151
    
    
    
    16.45
    
    
    
    432,634
    (5)
    
    
    0.3
    %Colonial Place I & II
    
    
    
    
    
    Tampa
    
    1984/1986
    
    
    370,994
    
    
    
    89.9
    %
    
    
    7,872,624
    
    
    
    23.60
    
    
    
    7,135,984
    (5)
    
    
    5.4
    %Colonial Center at Bayside
    
    
    
    
    
    Tampa
    
    1988/94/97
    
    
    213,768
    
    
    
    72.3
    %
    
    
    1,992,733
    
    
    
    12.89
    
    
    
    1,720,971
    (5)
    
    
    1.3
    %Concourse Center
    
    
    
    
    
    Tampa
    
    1981/85
    
    
    292,751
    
    
    
    83.4
    %
    
    
    4,336,721
    
    
    
    17.76
    
    
    
    4,481,566
    
    
    
    3.4
    %Broward Financial Center
    
    
    (7
    )
    
    South Florida
    
    1986
    
    
    325,583
    
    
    
    79.2
    %
    
    
    6,882,282
    
    
    
    26.69
    
    
    
    299,502
    (5)
    
    
    0.2
    %Las Olas Centre
    
    
    (7
    )
    
    South Florida
    
    1999
    
    
    469,199
    
    
    
    88.3
    %
    
    
    9,088,117
    
    
    
    21.94
    
    
    
    594,088
    (5)
    
    
    0.4
    %Colonial Bank Centre
    
    
    
    
    
    South Florida
    
    1982/1996
    
    
    235,532
    
    
    
    86.0
    %
    
    
    4,832,712
    
    
    
    23.86
    
    
    
    4,051,447
    (5)
    
    
    3.0
    %Subtotal-Florida
    
    
    
    
    
    
    
    
    
    
    7,809,693
    
    
    
    88.3
    %
    
    
    124,099,111
    
    
    
    17.99
    
    
    
    52,822,573
    
    
    
    39.6
    %Georgia:Colonial Center at Mansell Overlook
    
    
    
    
    
    Atlanta
    
    1987/96/97/00
    
    
    652,542
    
    
    
    99.2
    %
    
    
    9,141,850
    
    
    
    14.12
    
    
    
    14,859,293
    
    
    
    11.1
    %Colonial Center at Mansell Overlook 400
    
    
    
    
    
    Atlanta
    
    1987
    
    
    188,478
    
    
    
    87.1
    %
    
    
    1,560,088
    
    
    
    9.50
    
    
    
    2,134,078
    
    
    
    1.6
    %Shoppes at Mansell
    
    
    
    
    
    Atlanta
    
    1996/97
    
    
    20,868
    
    
    
    100.0
    %
    
    
    478,195
    
    
    
    22.92
    
    
    
    726,119
    
    
    
    0.5
    %Lakeside at Mansell
    
    
    
    
    
    Atlanta
    
    2005
    
    
    14,817
    
    
    LU           (6)
    
    
    358,816
    
    
    
    24.22
    
    
    
    200,797
    
    
    
    0.2
    %The Peachtree
    
    
    
    
    
    Atlanta
    
    1989
    
    
    260,932
    
    
    
    76.9
    %
    
    
    3,965,484
    
    
    
    19.76
    
    
    
    2,248,245
    (5)
    
    
    1.7
    %Atlantic Center Plaza
    
    
    (7
    )
    
    Atlanta
    
    2001
    
    
    501,185
    
    
    
    88.9
    %
    
    
    12,946,756
    
    
    
    29.06
    
    
    
    563,873
    (5)
    
    
    0.4
    %Atlanta Chamblee
    
    
    (7
    )
    
    Atlanta
    
    2000
    
    
    1,129,607
    
    
    
    91.3
    %
    
    
    19,022,902
    
    
    
    18.44
    
    
    
    784,666
    (5)
    
    
    0.6
    %Atlanta Gwinnett Place
    
    
    (7
    )
    
    Atlanta
    
    2000
    
    
    262,806
    
    
    
    81.8
    %
    
    
    3,633,393
    
    
    
    16.90
    
    
    
    153,800
    (5)
    
    
    0.1
    %Atlanta Perimeter
    
    
    (7
    )
    
    Atlanta
    
    1985
    
    
    181,862
    
    
    
    83.0
    %
    
    
    2,467,443
    
    
    
    16.35
    
    
    
    95,964
    (5)
    
    
    0.1
    %McGinnis Park
    
    
    (7
    )
    
    Atlanta
    
    2001
    
    
    202,243
    
    
    
    63.6
    %
    
    
    2,306,498
    
    
    
    17.93
    
    
    
    81,125
    (5)
    
    
    0.1
    %Ravinia 3
    
    
    (7
    )
    
    Atlanta
    
    1991
    
    
    804,876
    
    
    
    76.2
    %
    
    
    10,956,972
    
    
    
    17.87
    
    
    
    642,300
    (5)
    
    
    0.5
    %Subtotal-Georgia
    
    
    
    
    
    
    
    
    
    
    4,220,216
    
    
    
    85.7
    %
    
    
    66,838,396
    
    
    
    18.48
    
    
    
    22,490,260
    
    
    
    16.9
    %Maryland:Decoverly
    
    
    (7
    )
    
    Rockville
    
    1989
    
    
    154,787
    
    
    
    98.8
    %
    
    
    3,756,427
    
    
    
    24.56
    
    
    
    261,058
    (5)
    
    
    0.2
    %Subtotal-Maryland
    
    
    
    
    
    
    
    
    
    
    154,787
    
    
    
    98.8
    %
    
    
    3,756,427
    
    
    
    24.56
    
    
    
    261,058
    
    
    
    0.2
    %North Carolina:Esplanade
    
    
    
    
    
    Charlotte
    
    1981
    
    
    201,902
    
    
    
    45.8
    %
    
    
    1,263,492
    
    
    
    13.66
    
    
    
    759,259
    (5)
    
    
    0.6
    %Charlotte University
    
    
    (7
    )
    
    Charlotte
    
    1999
    
    
    182,891
    
    
    
    90.9
    %
    
    
    2,998,272
    
    
    
    18.03
    
    
    
    97,207
    (5)
    
    
    0.1
    %Charlotte Vanguard
    
    
    (7
    )
    
    Charlotte
    
    1997
    
    
    527,471
    
    
    
    66.1
    %
    
    
    5,184,427
    
    
    
    14.87
    
    
    
    201,527
    (5)
    
    
    0.2
    %Subtotal-North Carolina
    
    
    
    
    
    
    
    
    
    
    912,264
    
    
    
    66.6
    %
    
    
    9,446,191
    
    
    
    15.55
    
    
    
    1,057,993
    
    
    
    0.9
    %Tennessee:Germantown Center
    
    
    (7
    )
    
    Memphis
    
    1999
    
    
    531,709
    
    
    
    85.8
    %
    
    
    8,041,121
    
    
    
    17.63
    
    
    
    330,974
    (5)
    
    
    0.2
    %Subtotal-Tennessee
    
    
    
    
    
    
    
    
    
    
    531,709
    
    
    
    85.8
    %
    
    
    8,041,121
    
    
    
    17.63
    
    
    
    330,974
    
    
    
    0.2
    %Texas:Research Park Plaza III and IV
    
    
    
    
    
    Austin
    
    2001
    
    
    357,689
    
    
    
    100.0
    %
    
    
    7,222,735
    
    
    
    20.19
    
    
    
    4,843,500
    (5)
    
    
    3.6
    %6600 Campus Circle
    
    
    (7
    )
    
    Dallas
    
    1998
    
    
    127,226
    
    
    
    96.8
    %
    
    
    2,787,602
    
    
    
    22.63
    
    
    
    109,494
    (5)
    
    
    0.1
    %Signature Place
    
    
    (7
    )
    
    Dallas
    
    1986
    
    
    437,319
    
    
    
    69.6
    %
    
    
    5,935,948
    
    
    
    19.50
    
    
    
    266,048
    (5)
    
    
    0.2
    %Tollway Crossing
    
    
    (7
    )
    
    Dallas
    
    1997
    
    
    152,163
    
    
    
    100.0
    %
    
    
    3,374,096
    
    
    
    22.17
    
    
    
    148,892
    (5)
    
    
    0.1
    %Post Oak
    
    
    (7
    )
    
    Houston
    
    1982
    
    
    1,200,925
    
    
    
    94.0
    %
    
    
    18,626,885
    
    
    
    16.50
    
    
    
    847,781
    (5)
    
    
    0.6
    %Westchase
    
    
    (7
    )
    
    Houston
    
    2000
    
    
    184,259
    
    
    
    81.8
    %
    
    
    3,325,783
    
    
    
    22.07
    
    
    
    123,476
    (5)
    
    
    0.1
    %Subtotal-Texas
    
    
    
    
    
    
    
    
    
    
    2,459,581
    
    
    
    90.1
    %
    
    
    41,273,049
    
    
    
    18.62
    
    
    
    6,339,191
    
    
    
    4.7
    %Virginia:Paragon Place 1
    
    
    (7
    )
    
    Richmond
    
    1986
    
    
    145,127
    
    
    
    99.7
    %
    
    
    2,716,127
    
    
    
    18.77
    
    
    
    114,926
    (5)
    
    
    0.1
    %Subtotal-Virginia
    
    
    
    
    
    
    
    
    
    
    145,127
    
    
    
    99.7
    %
    
    
    2,716,127
    
    
    
    18.77
    
    
    
    114,926
    
    
    
    0.1
    %TOTAL
    
    
    
    
    
    
    
    
    
    
    19,499,515
    
    
    
    91.3
    %
    
    $
    301,351,944
    
    
    $
    18.35
    
    
    $
    133,367,733
    
    
    
    100
    %
 
 (footnotes on next page) 34




---



##### Table of Contents



(1)
    
    All office properties are 100% owned by us with the exception of
those noted in (7) below.(2)
    
    Year initially completed and, where applicable, most recent
year in which the property was substantially renovated or in which an additional phase of the
property was completed.(3)
    
    Total Office Property Revenue for 2005 is our share (based on
our percentage ownership of the property) of the total office property revenue, unless
otherwise noted.(4)
    
    Percent of Total Office 2005 Property Revenue represents each
propertys proportionate share of revenue from our 62 office properties, including partially
owned properties.(5)
    
    Represents revenues from the date of our acquisition or
completion of development of this property in 2005 through December 31, 2005.(6)
    
    This property is currently in lease-up (LU) and is not
included in the Percent Leased and Average Base Rent per Leased Square Foot property totals.(7)
    
    We hold a 15%  33.33% non-controlling interest in these joint
ventures.  Net Rentable
    
    
    Annualized
    
    
    Percent of TotalYear of
    
    Number of
    
    
    Area Of
    
    
    Base Rent of
    
    
    Annual Base RentLease
    
    Tenants with
    
    
    Expiring Leases
    
    
    Expiring
    
    
    Represented byExpiration
    
    Expiring Leases
    
    
    (Square Feet) (1)
    
    
    Leases (1)(2)
    
    
    Expiring Leases (1)2006
    
    
    484
    
    
    
    2,378,163
    
    
    $
    52,803,654
    
    
    
    14.0
    %2007
    
    
    402
    
    
    
    2,359,047
    
    
    
    50,216,795
    
    
    
    13.3
    %2008
    
    
    394
    
    
    
    2,309,535
    
    
    
    51,133,437
    
    
    
    13.5
    %2009
    
    
    307
    
    
    
    2,672,229
    
    
    
    78,468,768
    
    
    
    20.8
    %2010
    
    
    251
    
    
    
    1,741,382
    
    
    
    34,023,647
    
    
    
    9.0
    %2011
    
    
    134
    
    
    
    1,433,608
    
    
    
    23,476,253
    
    
    
    6.2
    %2012
    
    
    69
    
    
    
    1,455,519
    
    
    
    34,886,446
    
    
    
    9.2
    %2013
    
    
    36
    
    
    
    843,752
    
    
    
    15,186,617
    
    
    
    4.0
    %2014
    
    
    38
    
    
    
    826,994
    
    
    
    15,699,975
    
    
    
    4.2
    %2015
    
    
    37
    
    
    
    421,015
    
    
    
    7,686,522
    
    
    
    2.0
    %Thereafter
    
    
    47
    
    
    
    840,380
    
    
    
    14,379,822
    
    
    
    3.8
    %2,199
    
    
    
    17,281,624
    
    
    $
    377,961,936
    
    
    
    100.0
    %
 
 (1)
    
    Excludes approximately 2,217,891 square feet of space not
leased as of December 31, 2005.(2)
    
    Annualized base rent is calculated using base rents as of
December 31, 2005.  Average BaseRentable Area
    
    Total
    
    Rent Per LeasedYear-End
    
    (Square Feet)(2)
    
    Percent Leased
    
    Square Foot(1)December 31, 2005
    
    
    19,500,000
    
    
    
    91.3
    %
    
    $
    18.35December 31, 2004
    
    
    5,870,000
    
    
    
    92.2
    %
    
    $
    17.48December 31, 2003
    
    
    5,464,000
    
    
    
    89.7
    %
    
    $
    18.56December 31, 2002
    
    
    5,185,000
    
    
    
    91.0
    %
    
    $
    18.24December 31, 2001
    
    
    3,518,000
    
    
    
    92.1
    %
    
    $
    18.02
 
 (1)
    
    Average base rent per leased square foot is calculated
using base rents as of December 31 for each respective year.(2)
    
    Rentable square feet includes 11,756,400 square feet
that is partially owned by us at December 31, 2005. Retail Properties
  35




---



##### Table of Contents



Retail Properties
 AverageBaseRent Per
    
    
    Total Retail
    
    
    Percent ofYear
    
    GRA
    
    
    Number
    
    
    
    
    
    
    Total
    
    
    Leased
    
    
    Property
    
    
    Total 2005Completed
    
    (Square
    
    
    Of
    
    
    Percent
    
    
    Annualized
    
    
    Square
    
    
    Revenue for
    
    
    Retail PropertyRetail Property (1)
    
    Location
    
    (2)
    
    Feet) (3)
    
    
    Stores
    
    
    Leased (3)
    
    
    Base Rent
    
    
    Foot (4)
    
    
    2005
    
    
    Revenue (5)Alabama:Brookwood Village Center
    
    Birmingham
    
    1973/91
    
    
    88,158
    
    
    
    7
    
    
    
    81.5
    %
    
    $
    664,584
    
    
    $
    15.13
    
    
    $
    1,086,251
    
    
    
    0.7
    %Colonial Brookwood Village
    
    Birmingham
    
    1973/91
    
    
    372,180
    
    
    
    70
    
    
    
    96.3
    %
    
    
    6,438,138
    
    
    
    25.59
    
    
    
    10,211,488
    
    
    
    6.4
    %Colonial Brookwood Village
    
    
    
    
    
    
    231,953
    (6)Colonial Mall Bel Air
    
    Mobile
    
    1966/90/97
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,076,115
    (12)
    
    
    8.8
    %Bel Air Mall JV
    
    Mobile
    
    1966/90/97
    
    
    999,799
    
    
    
    115
    
    
    
    97.5
    %
    
    
    10,840,103
    
    
    
    21.39
    
    
    
    179,199
    (12)
    
    
    0.1
    %Bel Air Mall JV
    
    
    
    
    
    
    333,990
    (6)Colonial Mall Decatur
    
    Decatur
    
    1979/89
    
    
    495,232
    
    
    
    52
    
    
    
    89.0
    %
    
    
    3,838,273
    
    
    
    18.88
    
    
    
    5,063,326
    
    
    
    3.2
    %Colonial Mall Decatur
    
    
    
    
    
    
    80,866
    (6)Colonial Mall Gadsden
    
    Gadsden
    
    1974/91
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,735,643
    (8)
    
    
    1.1
    %Colonial Promenade Alabaster
    
    Birmingham
    
    2005
    
    
    218,681
    
    
    
    31
    
    
    
    100.0
    %
    
    
    3,330,766
    
    
    
    18.67
    
    
    
    1,452,926Colonial Promenade Craft Farms
    
    Gulf Shores
    
    2005
    
    
    53,170
    
    
    
    1
    
    
    LU
    
    
    850,720
    
    
    
    
    
    
    
    238,269
    (10)Colonial Promenade Hoover
    
    Birmingham
    
    2002
    
    
    164,831
    
    
    
    33
    
    
    
    93.8
    %
    
    
    1,944,291
    
    
    
    18.26
    
    
    
    282,194
    
    
    
    0.2
    %Colonial Promenade Hoover
    
    
    
    
    
    
    215,766
    (6)Colonial Promenade Madison
    
    Madison
    
    2000
    
    
    110,712
    
    
    
    13
    
    
    
    95.7
    %
    
    
    1,100,059
    
    
    
    14.81
    
    
    
    367,900
    
    
    
    0.2
    %Colonial Promenade Montgomery
    
    Montgomery
    
    1990/97
    
    
    165,114
    
    
    
    23
    
    
    
    80.0
    %
    
    
    1,276,911
    
    
    
    12.94
    
    
    
    1,732,075
    
    
    
    1.1
    %Colonial Promenade Montgomery
    
    
    
    
    
    
    44,000
    (6)Colonial Promenade Montgomery North
    
    Montgomery
    
    1990/97
    
    
    108,082
    
    
    
    9
    
    
    
    97.9
    %
    
    
    1,067,404
    
    
    
    16.45
    
    
    
    1,219,565
    
    
    
    0.8
    %Colonial Promenade Montgomery North
    
    
    
    
    
    
    101,830
    (6)Colonial Promenade Trussville
    
    Birmingham
    
    2000
    
    
    388,302
    
    
    
    24
    
    
    
    100.0
    %
    
    
    3,369,730
    
    
    
    14.03
    
    
    
    4,146,816
    
    
    
    2.6
    %Colonial Promenade Trussville II
    
    Birmingham
    
    2004
    
    
    58,182
    
    
    
    18
    
    
    
    100.0
    %
    
    
    894,627
    
    
    
    16.43
    
    
    
    1,114,725
    
    
    
    0.7
    %Colonial Promenade Trussville II
    
    
    
    
    
    
    224,509
    (6)Colonial Promenade Tutwiler Farm
    
    Birmingham
    
    2000
    
    
    340,112
    
    
    
    19
    
    
    
    99.4
    %
    
    
    2,319,608
    
    
    
    15.23
    
    
    
    3,404,096
    
    
    
    2.1
    %Colonial Promenade Tutwiler Farm
    
    
    
    
    
    
    174,008
    (6)Colonial Shoppes Colonnade
    
    Birmingham
    
    1989
    
    
    125,462
    
    
    
    28
    
    
    
    86.8
    %
    
    
    1,305,059
    
    
    
    17.40
    
    
    
    1,704,785
    
    
    
    1.1
    %Colonial Shoppes Bellwood
    
    Montgomery
    
    1988
    
    
    88,482
    
    
    
    16
    
    
    
    91.7
    %
    
    
    701,755
    
    
    
    12.93
    
    
    
    887,453
    
    
    
    0.6
    %Colonial Shoppes Clay
    
    Birmingham
    
    1982
    
    
    66,175
    
    
    
    12
    
    
    
    91.9
    %
    
    
    712,776
    
    
    
    13.72
    
    
    
    884,159
    
    
    
    0.6
    %Colonial Shoppes McGehee
    
    Montgomery
    
    1986
    
    
    98,255
    
    
    
    15
    
    
    
    88.0
    %
    
    
    478,039
    
    
    
    7.54
    
    
    
    613,902
    
    
    
    0.4
    %Colonial University Village
    
    Auburn
    
    1973/84/89
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,410,388
    (12)
    
    
    2.1
    %Colonial University Village
University Village Mall JV
    
    Auburn
    
    1973/84/89
    
    
    401,515
    
    
    
    49
    
    
    
    87.2
    %
    
    
    2,279,846
    
    
    
    20.16
    
    
    
    53,114
    (12)
    
    
    0.0
    %University Village Mall JV
    
    
    
    
    
    
    124,707Olde Town
    
    Montgomery
    
    1978/90
    
    
    38,814
    
    
    
    9
    
    
    
    57.4
    %
    
    
    181,733
    
    
    
    7.37
    
    
    
    224,542
    
    
    
    0.1
    %Parkway Place
    
    Huntsville
    
    1975
    
    
    287,556
    
    
    
    74
    
    
    
    85.0
    %
    
    
    6,149,403
    
    
    
    27.39
    
    
    
    4,765,507
    
    
    
    3.0
    %Parkway Place
    
    
    
    
    
    
    348,164
    (6)Subtotal-Alabama
    
    
    
    
    
    
    6,548,607
    
    
    
    618
    
    
    
    93.2
    %
    
    
    49,743,825
    
    
    
    20.40
    
    
    
    58,854,437
    
    
    
    36.9
    %Florida:Colonial Promenade Bear Lake
    
    Orlando
    
    1990
    
    
    131,655
    
    
    
    24
    
    
    
    86.4
    %
    
    
    1,296,538
    
    
    
    15.32
    
    
    
    1,649,188
    
    
    
    1.0
    %Colonial Promenade Boulevard Square
    
    Pembroke Pines
    
    2001
    
    
    220,656
    
    
    
    37
    
    
    
    100.0
    %
    
    
    3,660,384
    
    
    
    20.01
    
    
    
    4,909,302
    
    
    
    3.1
    %Colonial Promenade Burnt Store
    
    Punta Gorda
    
    1990
    
    
    95,023
    
    
    
    25
    
    
    
    98.9
    %
    
    
    911,254
    
    
    
    15.36
    
    
    
    1,256,025
    
    
    
    0.8
    %Colonial Promenade Deerfield
    
    Deerfield Beach
    
    1988/2003
    
    
    378,747
    
    
    
    60
    
    
    
    99.3
    %
    
    
    4,291,653
    
    
    
    17.04
    
    
    
    5,824,143
    
    
    
    3.7
    %Colonial Promenade Hunters Creek
    
    Orlando
    
    1993/95
    
    
    227,536
    
    
    
    27
    
    
    
    52.6
    %
    
    
    1,616,470
    
    
    
    19.21
    
    
    
    2,295,202
    
    
    
    1.4
    %Colonial Promenade Lakewood
    
    Jacksonville
    
    1995
    
    
    195,159
    
    
    
    51
    
    
    
    83.0
    %
    
    
    1,906,496
    
    
    
    13.75
    
    
    
    2,595,266
    
    
    
    1.6
    %Colonial Promenade Northdale
    
    Tampa
    
    1988
    
    
    175,917
    
    
    
    23
    
    
    
    95.2
    %
    
    
    1,702,491
    
    
    
    16.17
    
    
    
    2,384,700
    
    
    
    1.5
    %Colonial Promenade Northdale
    
    
    
    
    
    
    55,000
    (6)Colonial Promenade TownPark
    
    Orlando
    
    2003
    
    
    199,266
    
    
    
    28
    
    
    
    88.9
    %
    
    
    2,268,813
    
    
    
    23.79
    
    
    
    3,269,187
    
    
    
    2.1
    %Colonial Promenade Wekiva
    
    Orlando
    
    1990
    
    
    208,568
    
    
    
    27
    
    
    
    85.5
    %
    
    
    1,815,334
    
    
    
    14.41
    
    
    
    2,601,606
    
    
    
    1.6
    %Colonial Promenade Winter Haven
    
    Orlando
    
    1986
    
    
    161,559
    
    
    
    19
    
    
    
    87.2
    %
    
    
    1,002,817
    
    
    
    12.68
    
    
    
    1,399,564
    
    
    
    0.9
    %Colonial Shoppes College Parkway
    
    Ft. Myers
    
    1986
    
    
    78,879
    
    
    
    15
    
    
    
    100.0
    %
    
    
    1,198,860
    
    
    
    16.26
    
    
    
    1,807,064
    
    
    
    1.1
    %Colonial Shoppes Pines Plaza
    
    Pembroke Pines
    
    2002
    
    
    68,170
    
    
    
    4
    
    
    
    100.0
    %
    
    
    1,187,014
    
    
    
    17.13
    
    
    
    1,679,566
    
    
    
    1.1
    %Subtotal-Florida
    
    
    
    
    
    
    2,196,135
    
    
    
    340
    
    
    
    88.6
    %
    
    
    22,858,124
    
    
    
    17.11
    
    
    
    31,754,885
    
    
    
    19.9
    %Georgia:Britt David
    
    Columbus
    
    1990
    
    
    109,630
    
    
    
    12
    
    
    
    75.9
    %
    
    
    639,830
    
    
    
    12.04
    
    
    
    803,723
    
    
    
    0.5
    %Colonial Mall Glynn Place
    
    Brunswick
    
    1986
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,655,699
    (12)
    
    
    2.3
    %Glynn Place Mall JV
    
    Brunswick
    
    1986
    
    
    282,342
    
    
    
    52
    
    
    
    86.5
    %
    
    
    2,628,027
    
    
    
    17.85
    
    
    
    47,701
    (12)
    
    
    0.0
    %Glynn Place Mall JV
    
    
    
    
    
    
    225,558
    (6)Colonial Mall Lakeshore
    
    Gainesville
    
    1984/97
    
    
    518,290
    
    
    
    47
    
    
    
    93.1
    %
    
    
    2,780,759
    
    
    
    19.02
    
    
    
    4,273,466
    
    
    
    2.7
    %Colonial Mall Macon
    
    Macon
    
    1975/88/97
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,995,934
    (8)
    
    
    5.6
    %Colonial Mall Valdosta
    
    Valdosta
    
    1982/85
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,227,474
    (12)
    
    
    3.3
    %Valdosta Mall JV
    
    Valdosta
    
    1982/85
    
    
    325,326
    
    
    
    53
    
    
    
    92.8
    %
    
    
    3,231,998
    
    
    
    20.78
    
    
    
    62,592
    (12)
    
    
    0.0
    %Valdosta Mall JV
    
    
    
    
    
    
    73,723
    (6)Colonial Promenade Beechwood
    
    Athens
    
    1963/92
    
    
    350,795
    
    
    
    41
    
    
    
    99.8
    %
    
    
    3,624,285
    
    
    
    15.40
    
    
    
    3,481,934
    
    
    
    2.2
    %Subtotal-Georgia
    
    
    
    
    
    
    1,885,664
    
    
    
    205
    
    
    
    92.2
    %
    
    
    12,904,899
    
    
    
    17.89
    
    
    
    26,548,522
    
    
    
    16.6
    %North Carolina:Colonial Mall Burlington
    
    Burlington
    
    1969/86/94
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,582,899
    (8)
    
    
    1.6
    %Colonial Mall Greenville
    
    Greenville
    
    1965/89/99
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,539,644
    (12)
    
    
    3.5
    %Greenville Mall JV
    
    Greenville
    
    1965/89/99
    
    
    404,266
    
    
    
    54
    
    
    
    96.4
    %
    
    
    3,554,555
    
    
    
    19.76
    
    
    
    75,792
    (12)
    
    
    0.0
    %Greenville Mall JV
    
    
    
    
    
    
    46,051
    (6)Colonial Mayberry Mall
    
    Mount Airy
    
    1968/86
    
    
    149,097
    
    
    
    18
    
    
    
    94.5
    %
    
    
    704,471
    
    
    
    12.95
    
    
    
    1,105,016
    
    
    
    0.7
    %Colonial Mayberry Mall
    
    
    
    
    
    
    57,843
    (6)Colonial Shoppes Quaker
    
    Greensboro
    
    1968/88/97
    
    
    102,223
    
    
    
    27
    
    
    
    78.0
    %
    
    
    861,915
    
    
    
    13.93
    
    
    
    1,226,366
    
    
    
    0.8
    %Colonial Shoppes Yadkinville
    
    Yadkinville
    
    1971/97
    
    
    90,917
    
    
    
    16
    
    
    
    100.0
    %
    
    
    694,296
    
    
    
    8.17
    
    
    
    850,023
    
    
    
    0.5
    %Subtotal-North Carolina
    
    
    
    
    
    
    850,397
    
    
    
    115
    
    
    
    93.9
    %
    
    
    5,815,237
    
    
    
    16.31
    
    
    
    11,379,739
    
    
    
    7.1
    %South Carolina:Colonial Mall Myrtle Beach
    
    Myrtle Beach
    
    1986
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,077,189
    (12)
    
    
    4.4
    %Myrtle Beach Mall JV
    
    Myrtle Beach
    
    1986
    
    
    474,218
    
    
    
    60
    
    
    
    91.6
    %
    
    
    4,129,494
    
    
    
    21.88
    
    
    
    88,306
    (12)
    
    
    0.1
    %Subtotal-South Carolina
    
    
    
    
    
    
    474,218
    
    
    
    60
    
    
    
    91.6
    %
    
    
    
    
    
    
    21.88
    
    
    
    7,165,494
    
    
    
    4.5
    %Tennessee:Colonial Pinnacle Turkey Creek (11)
    
    Knoxville
    
    2004
    
    
    82,733
    
    
    
    1
    
    
    LU
    
    
    1,571,927
    
    
    
    
    
    
    
    429,754
    (10)
    
    
    0.3
    %Rivermont Shopping Center
    
    Chattanooga
    
    1986/97
    
    
    73,481
    
    
    
    10
    
    
    
    100.0
    %
    
    
    420,039
    
    
    
    7.30
    
    
    
    537,962
    (9)
    
    
    0.3
    %Subtotal-Tennessee
    
    
    
    
    
    
    156,214
    
    
    
    11
    
    
    
    100.0
    %
    
    
    1,991,966
    
    
    
    7.30
    
    
    
    967,716
    
    
    
    0.6
    %TexasColonial Mall Temple
    
    Temple
    
    1981/96
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,854,760
    (8)
    
    
    1.2
    %Colonial Pinnacle Kingwood Commons
    
    Houston
    
    2003
    
    
    164,356
    
    
    
    28
    
    
    
    87.5
    %
    
    
    2,386,708
    
    
    
    21.57
    
    
    
    3,056,092
    
    
    
    1.9
    %Colonial Promenade Portofino
    
    Houston
    
    
    
    
    372,502
    
    
    
    37
    
    
    
    82.9
    %
    
    
    4,397,597
    
    
    
    21.52
    
    
    
    6,152,294
    (7)
    
    
    3.9
    %Village on Parkway
    
    Dallas
    
    1980
    
    
    381,166
    
    
    
    45
    
    
    
    94.7
    %
    
    
    5,203,309
    
    
    
    18.82
    
    
    
    8,001,508
    
    
    
    5.0
    %Subtotal-Texas
    
    
    
    
    
    
    918,024
    
    
    
    110
    
    
    
    88.6
    %
    
    
    11,987,614
    
    
    
    19.36
    
    
    
    19,064,654
    
    
    
    12.0
    %Virginia:Colonial Mall Staunton
    
    Staunton
    
    1969/86/97
    
    
    423,344
    
    
    
    49
    
    
    
    96.9
    %
    
    
    2,272,856
    
    
    
    11.70
    
    
    
    3,724,073
    
    
    
    2.3
    %Subtotal-Virginia
    
    
    
    
    
    
    423,344
    
    
    
    49
    
    
    
    96.9
    %
    
    
    2,272,856
    
    
    
    11.70
    
    
    
    3,724,073
    
    
    
    2.3
    %Total
    
    
    
    
    
    
    13,452,603
    
    
    
    1,508
    
    
    
    92.2
    %
    
    $
    107,574,521
    
    
    $
    18.81
    
    
    $
    159,459,520
    
    
    
    100.0
    %
 
 (footnotes on next page) 36




---



##### Table of Contents



(1)
    
    All retail properties are 100% owned by us, with the exception of Village on the Parkway,
Parkway Place, Colonial Promenade Madison, and Colonial Promenade Hoover, which are owned
90%, 45%, 25%, and 10%, respectively, by us at December 31, 2005.(2)
    
    Year initially completed and, where applicable, year(s) in which the property was
substantially renovated or an additional phase of the property was completed.(3)
    
    GRA refers to gross retail area, which includes gross leasable area and space owned by
anchor tenants. Percent Leased excludes anchor owned space.(4)
    
    Includes specialty store space only.(5)
    
    Percent of Total Retail Property Revenue for 2005 represents
each propertys proportionate share of revenue from our 48 retail properties, including
partially owned properties.(6)
    
    Represents space owned by anchor tenants.(7)
    
    Represents revenues from the date of our acquisition or
completion of development of the property in 2005 through December 31, 2005.(8)
    
    Represents revenues from January 1, 2005 through the date the
property was sold during 2005.(9)
    
    This property was reclassified to held for sale and is
included as discontinued operations at December 31, 2005.(10)
    
    This property is currently in lease-up and is not
included in Percent Leased and Average Base Rent per Leased Square Foot property totals.(11)
    
    This property is a 50% joint venture and is currently
under development.(12)
    
    These properties were transferred to the GPT Joint
Venture. We retained a 10% interest in these properties through our ownership interest in the
GPT Joint Venture.  Net Rentable
    
    
    Annualized
    
    
    Percent of TotalYear of
    
    Number of
    
    
    Area Of
    
    
    Base Rent of
    
    
    Annual Base RentLease
    
    Tenants with
    
    
    Expiring Leases
    
    
    Expiring
    
    
    Represented byExpiration
    
    Expiring Leases
    
    
    (Square Feet) (1)
    
    
    Leases (1)(2)
    
    
    Expiring Leases (1)2006
    
    
    232
    
    
    
    811,432
    
    
    $
    10,312,618
    
    
    
    9.3
    %2007
    
    
    229
    
    
    
    1,077,198
    
    
    
    11,433,154
    
    
    
    10.3
    %2008
    
    
    220
    
    
    
    1,015,638
    
    
    
    10,812,247
    
    
    
    9.7
    %2009
    
    
    178
    
    
    
    1,092,931
    
    
    
    10,594,203
    
    
    
    9.5
    %2010
    
    
    192
    
    
    
    1,022,101
    
    
    
    13,325,185
    
    
    
    12.0
    %2011
    
    
    116
    
    
    
    969,934
    
    
    
    10,495,637
    
    
    
    9.4
    %2012
    
    
    88
    
    
    
    1,130,662
    
    
    
    10,851,195
    
    
    
    9.8
    %2013
    
    
    74
    
    
    
    403,273
    
    
    
    6,210,938
    
    
    
    5.6
    %2014
    
    
    47
    
    
    
    344,618
    
    
    
    3,830,451
    
    
    
    3.4
    %2015
    
    
    72
    
    
    
    590,412
    
    
    
    8,212,794
    
    
    
    7.4
    %Thereafter
    
    
    60
    
    
    
    1,710,784
    
    
    
    15,118,930
    
    
    
    13.6
    %1,508
    
    
    
    10,168,983
    
    
    $
    111,197,352
    
    
    
    100.0
    %
 
 (1)
    
    Excludes 945,700 square feet of space not leased as of
December 31, 2005.(2)
    
    Annualized base rent is calculated using base rents as
of December 31, 2005.  Gross
    
    
    
    
    
    AverageRetail Area
    
    Percent
    
    Base Rent PerYear-End
    
    (Square Feet)(1)
    
    Leased
    
    Leased Square Foot(2)December 31, 2005
    
    
    13,453,000
    
    
    
    92.2
    %
    
    $
    18.81December 31, 2004
    
    
    15,294,000
    
    
    
    91.4
    %
    
    $
    19.45December 31, 2003
    
    
    15,343,000
    
    
    
    89.6
    %
    
    $
    19.84December 31, 2002
    
    
    15,475,000
    
    
    
    89.2
    %
    
    $
    18.36December 31, 2001
    
    
    14,951,000
    
    
    
    89.6
    %
    
    $
    18.03
 
 (1)
    
    Includes 4,901,300 square feet partially owned by us at
December 31, 2005.(2)
    
    Average base rent per leased square foot is calculated
using specialty store year-end base rent figures. 37




---



##### Table of Contents



Undeveloped Land
  Property Markets
  Geographic Concentration of Properties
 Total 2005
    
    
    
    
    
    
    PercentTotal 2005
    
    
    Discontinued
    
    
    Total 2005
    
    
    Of TotalUnits
    
    
    NRA
    
    
    GRA
    
    
    Total 2005
    
    
    Unconsolidated
    
    
    Operations
    
    
    Consolidated
    
    
    2005 PropertyState
    
    (Multifamily) (1)
    
    
    (Office)(2)
    
    
    (Retail) (3)
    
    
    Property Revenue (4)
    
    
    Property Revenue
    
    
    Property Revenue
    
    
    Property Revenue
    
    
    RevenueAlabama
    
    
    7,878
    
    
    
    3,266,138
    
    
    
    6,548,607
    
    
    $
    155,541,724
    
    
    $
    8,377,314
    
    
    $
    2,542,156
    
    
    $
    144,622,254
    
    
    
    30.1
    %Arizona
    
    
    2,340
    
    
    
    
    
    
    
    
    
    
    
    3,640,082
    
    
    
    3,640,082
    
    
    
    
    
    
    
    
    
    
    
    0.0
    %Florida
    
    
    4,135
    
    
    
    7,809,693
    
    
    
    2,196,135
    
    
    
    129,751,812
    
    
    
    5,646,022
    
    
    
    3,719,841
    
    
    
    120,385,949
    
    
    
    25.1
    %Georgia
    
    
    4,878
    
    
    
    4,220,216
    
    
    
    1,885,664
    
    
    
    85,016,436
    
    
    
    3,362,148
    
    
    
    13,880,133
    
    
    
    67,774,155
    
    
    
    14.1
    %Maryland
    
    
    
    
    
    
    154,787
    
    
    
    
    
    
    
    261,058
    
    
    
    261,058
    
    
    
    
    
    
    
    
    
    
    
    0.0
    %Mississippi
    
    
    498
    
    
    
    
    
    
    
    
    
    
    
    4,523,033
    
    
    
    
    
    
    
    
    
    
    
    4,523,033
    
    
    
    0.9
    %Nevada
    
    
    858
    
    
    
    
    
    
    
    
    
    
    
    1,894,248
    
    
    
    1,894,248
    
    
    
    
    
    
    
    
    
    
    
    0.0
    %New Mexico
    
    
    1,025
    
    
    
    
    
    
    
    
    
    
    
    2,139,241
    
    
    
    2,139,241
    
    
    
    
    
    
    
    
    
    
    
    0.0
    %North Carolina
    
    
    9,121
    
    
    
    912,264
    
    
    
    850,397
    
    
    
    62,704,857
    
    
    
    652,180
    
    
    
    9,361,612
    
    
    
    52,691,065
    
    
    
    11.0
    %South Carolina
    
    
    2,601
    
    
    
    
    
    
    
    474,218
    
    
    
    23,606,827
    
    
    
    310,697
    
    
    
    5,653,709
    
    
    
    17,642,421
    
    
    
    3.7
    %Tennessee
    
    
    1,263
    
    
    
    531,709
    
    
    
    156,214
    
    
    
    3,198,992
    
    
    
    2,110,725
    
    
    
    590,894
    
    
    
    497,374
    
    
    
    0.1
    %Texas
    
    
    6,450
    
    
    
    2,459,581
    
    
    
    918,024
    
    
    
    72,274,592
    
    
    
    1,823,278
    
    
    
    17,068,085
    
    
    
    53,383,229
    
    
    
    11.1
    %Virginia
    
    
    3,290
    
    
    
    145,127
    
    
    
    423,344
    
    
    
    28,018,391
    
    
    
    114,927
    
    
    
    9,156,653
    
    
    
    18,746,811
    
    
    
    3.9
    %Total
    
    
    44,337
    
    
    
    19,499,515
    
    
    
    13,452,603
    
    
    $
    572,571,293
    
    
    $
    30,331,920
    
    
    $
    61,973,083
    
    
    $
    480,266,290
    
    
    
    100.0
    %
 
 (1)
    
    Units (in this table only) refer to multifamily apartment units.(2)
    
    NRA refers to net rentable area of office space.(3)
    
    GRA refers to gross retail area, which includes gross leasable
area and space owned by anchor tenants.(4)
    
    Includes our proportionate share of revenue from those
multifamily, office and retail properties accounted for under the equity method and our share
of revenue of the properties disposed in 2005.  Mortgage Financing
  38




---



##### Table of Contents



Mortgage Debt and Notes Payable
 Interest
    
    
    Principal Balance
    
    
    Anticipated Annual Debt
    
    
    Maturity
    
    
    Balance Due onProperty (1)
    
    Rate
    
    
    (as of 12/31/05)
    
    
    Service (1/1/06 - 12/31/06)
    
    
    Date
    
    
    MaturityMultifamily PropertiesCG at Berkeley Lake
    
    
    7.150
    %
    
    $
    7,996
    
    
    $
    572
    
    
    
    06/15/08
    
    
    $
    7,247CG at Edgewater
    
    
    6.810
    %
    
    
    20,692
    
    
    
    1,409
    
    
    
    01/01/11
    
    
    
    18,830CG at Galleria
    
    
    4.450
    %(6)
    
    
    22,400
    
    
    
    997
    
    
    
    06/15/26
    (2)
    
    
    22,400CG at Galleria
    
    
    5.160
    %(6)
    
    
    11,105
    
    
    
    573
    
    
    
    07/01/15
    
    
    
    11,105CG at Hammocks (4)
    
    
    7.990
    %
    
    
    19,231
    
    
    
    1,537
    
    
    
    09/01/11
    
    
    
    16,195CG at Hunters Creek
    
    
    7.980
    %
    
    
    18,999
    
    
    
    1,516
    
    
    
    06/30/10
    
    
    
    18,999CG at Hunters Creek
    
    
    6.590
    %(5)
    
    
    10,266
    
    
    
    677
    
    
    
    06/30/10
    
    
    
    7,405CG at Madison
    
    
    5.350
    %(6)
    
    
    16,157
    
    
    
    864
    
    
    
    08/01/11
    
    
    
    13,742CG at Mt Vernon
    
    
    7.180
    %
    
    
    12,542
    
    
    
    901
    
    
    
    02/01/08
    
    
    
    11,624CG at Natchez Trace (Ph II)
    
    
    8.250
    %
    
    
    3,920
    
    
    
    323
    
    
    
    02/01/37
    
    
    
    CG at Promenade
    
    
    6.810
    %
    
    
    21,586
    
    
    
    1,470
    
    
    
    01/01/11
    
    
    
    19,643CG at Quarterdeck (4)
    
    
    7.730
    %
    
    
    10,115
    
    
    
    782
    
    
    
    07/01/09
    
    
    
    8,871CG at Reservoir
    
    
    5.600
    %(6)
    
    
    8,015
    
    
    
    449
    
    
    
    04/01/12
    
    
    
    6,782CG at River Oaks
    
    
    5.540
    %
    
    
    10,500
    
    
    
    582
    
    
    
    09/01/13
    
    
    
    8,903CG at River Plantation
    
    
    7.090
    %
    
    
    11,423
    
    
    
    810
    
    
    
    10/15/08
    
    
    
    10,252CG at Riverchase
    
    
    5.350
    %(6)
    
    
    19,027
    
    
    
    1,018
    
    
    
    07/01/11
    
    
    
    15,934CG at Trinity Commons (4)
    
    
    6.750
    %
    
    
    18,073
    
    
    
    1,220
    
    
    
    05/01/11
    
    
    
    15,584CG at Valley Ranch (4)
    
    
    6.890
    %(6)
    
    
    24,971
    
    
    
    1,720
    
    
    
    09/01/14
    
    
    
    21,971CG at Wilmington (4)
    
    
    6.750
    %
    
    
    13,279
    
    
    
    896
    
    
    
    05/01/11
    
    
    
    11,435CV at Bear Creek (4)
    
    
    7.160
    %
    
    
    3,508
    
    
    
    251
    
    
    
    07/01/11
    
    
    
    2,983CV at Bedford (4)
    
    
    6.990
    %
    
    
    8,711
    
    
    
    609
    
    
    
    04/01/11
    
    
    
    7,483CV at Canyon Hills (4)
    
    
    6.990
    %
    
    
    12,989
    
    
    
    908
    
    
    
    04/01/11
    
    
    
    12,989CV at Chase Gayton (4)
    
    
    7.160
    %
    
    
    16,381
    
    
    
    1,173
    
    
    
    08/01/11
    
    
    
    13,945CV at Deerfield (4)
    
    
    7.160
    %
    
    
    10,536
    
    
    
    754
    
    
    
    07/01/11
    
    
    
    8,966CV at Estrada (4)
    
    
    6.420
    %
    
    
    9,430
    
    
    
    605
    
    
    
    11/01/11
    
    
    
    8,115CV at Greenbrier (4)
    
    
    6.990
    %
    
    
    13,065
    
    
    
    913
    
    
    
    04/01/11
    
    
    
    11,224CV at Greentree (4)
    
    
    7.730
    %
    
    
    6,822
    
    
    
    527
    
    
    
    07/01/09
    
    
    
    5,982CV at Hampton Glen (4)
    
    
    6.680
    %
    
    
    12,881
    
    
    
    860
    
    
    
    04/01/12
    
    
    
    10,913CV at Harbour Club (4)
    
    
    6.990
    %
    
    
    8,686
    
    
    
    607
    
    
    
    04/01/11
    
    
    
    7,461CV at Highland Hills (4)
    
    
    6.990
    %
    
    
    15,140
    
    
    
    1,058
    
    
    
    04/01/11
    
    
    
    13,007CV at Huntington (4)
    
    
    7.970
    %
    
    
    5,017
    
    
    
    400
    
    
    
    09/01/07
    
    
    
    4,694CV at Inverness
    
    
    4.440
    %(6)
    
    
    9,900
    
    
    
    440
    
    
    
    06/15/26
    (2)
    
    
    9,900CV at Inverness
    
    
    5.160
    %(6)
    
    
    1,205
    
    
    
    62
    
    
    
    07/01/15
    
    
    
    1,205CV at Main Park (4)
    
    
    7.160
    %
    
    
    8,728
    
    
    
    625
    
    
    
    07/01/11
    
    
    
    7,427CV at Marsh Cove (4)
    
    
    7.730
    %
    
    
    8,298
    
    
    
    641
    
    
    
    08/01/09
    
    
    
    7,265CV at Meadow Creek (4)
    
    
    7.160
    %
    
    
    9,887
    
    
    
    708
    
    
    
    07/01/11
    
    
    
    8,417CV at North Arlington (4)
    
    
    7.100
    %
    
    
    8,800
    
    
    
    625
    
    
    
    07/01/11
    
    
    
    7,468CV at Pear Ridge (4)
    
    
    6.990
    %
    
    
    10,837
    
    
    
    758
    
    
    
    04/01/11
    
    
    
    9,308CV at Pinnacle Ridge (4)
    
    
    7.160
    %
    
    
    5,162
    
    
    
    370
    
    
    
    07/01/11
    
    
    
    4,391CV at Research Park
    
    
    4.520
    %(6)
    
    
    12,775
    
    
    
    577
    
    
    
    06/15/26
    (2)
    
    
    12,775CV at Research Park
    
    
    5.160
    %(6)
    
    
    14,945
    
    
    
    771
    
    
    
    07/01/15
    
    
    
    14,945CV at Timber Crest (4)
    
    
    6.750
    %
    
    
    15,481
    
    
    
    1,045
    
    
    
    05/01/11
    
    
    
    13,349CV at Timothy Woods
    
    
    7.490
    %
    
    
    9,023
    
    
    
    676
    
    
    
    09/01/09
    
    
    
    8,325CV at Tradewinds (4)
    
    
    7.160
    %
    
    
    11,443
    
    
    
    819
    
    
    
    07/01/11
    
    
    
    9,739CV at Trussville
    
    
    5.600
    %(6)
    
    
    15,739
    
    
    
    881
    
    
    
    04/01/12
    
    
    
    13,438CV at Waterford (4)
    
    
    6.980
    %
    
    
    17,440
    
    
    
    1,217
    
    
    
    01/01/12
    
    
    
    14,728CV at Waters Edge (4)
    
    
    7.730
    %
    
    
    7,308
    
    
    
    565
    
    
    
    07/01/09
    
    
    
    6,409CV at Windsor Place (4)
    
    
    7.990
    %
    
    
    9,173
    
    
    
    733
    
    
    
    09/01/11
    
    
    
    7,448Ashley Park (4)
    
    
    7.000
    %
    
    
    9,000
    
    
    
    630
    
    
    
    10/04/10
    
    
    
    9,000Cottonwood Crossing (4)
    
    
    7.160
    %
    
    
    6,244
    
    
    
    447
    
    
    
    07/01/11
    
    
    
    5,312Paces Cove (4)
    
    
    7.160
    %
    
    
    11,510
    
    
    
    824
    
    
    
    07/01/11
    
    
    
    9,796Summer Tree (4)
    
    
    6.990
    %
    
    
    7,943
    
    
    
    555
    
    
    
    04/01/11
    
    
    
    6,823Office PropertiesColonial Center 100 at Mansell Overlook
    
    
    8.250
    %
    
    
    15,924
    
    
    
    1,314
    
    
    
    01/10/08
    
    
    
    15,314Retail PropertiesCP Montgomery
    
    
    7.490
    %
    
    
    11,617
    
    
    
    12,487
    
    
    
    09/01/09
    
    
    
    11,489CP Boulevard Square
    
    
    7.220
    %
    
    
    30,787
    
    
    
    2,223
    
    
    
    08/01/32
    
    
    
    5,832CS Pines Plaza
    
    
    5.420
    %
    
    
    9,218
    
    
    
    500
    
    
    
    10/01/10
    
    
    
    8,497CP Deerfield
    
    
    5.900
    %
    
    
    32,101
    
    
    
    1,894
    
    
    
    02/01/13
    
    
    
    27,658CS College Parkway
    
    
    7.100
    %
    
    
    7,636
    
    
    
    542
    
    
    
    07/01/09
    
    
    
    6,694Village on the Parkway
    
    
    5.770
    %
    
    
    47,000
    
    
    
    2,712
    
    
    
    07/11/11
    
    
    
    47,000Other debt:Land Loan
    
    
    3.720
    %(6)
    
    
    365
    
    
    
    379
    
    
    
    09/30/06
    
    
    
    305Unsecured Credit Facility (3)
    
    
    5.190
    %
    
    
    110,228
    
    
    
    5,721
    
    
    
    03/22/08
    
    
    
    110,228Term Loan
    
    
    5.470
    %(7)
    
    
    100,000
    
    
    
    5,470
    
    
    
    03/22/08
    
    
    
    100,000Medium Term Notes
    
    
    7.460
    %
    
    
    10,000
    
    
    
    10,746
    
    
    
    12/20/06
    
    
    
    10,000Medium Term Notes
    
    
    8.800
    %
    
    
    20,000
    
    
    
    1,760
    
    
    
    02/01/10
    
    
    
    20,000Medium Term Notes
    
    
    8.800
    %
    
    
    5,000
    
    
    
    440
    
    
    
    03/15/10
    
    
    
    5,000Medium Term Notes
    
    
    8.050
    %
    
    
    10,000
    
    
    
    805
    
    
    
    12/27/10
    
    
    
    10,000Medium Term Notes
    
    
    8.080
    %
    
    
    10,000
    
    
    
    808
    
    
    
    12/24/10
    
    
    
    10,000Senior Unsecured Notes
    
    
    8.050
    %
    
    
    65,000
    
    
    
    70,233
    
    
    
    07/15/06
    
    
    
    65,000Senior Unsecured Notes
    
    
    7.000
    %
    
    
    175,000
    
    
    
    12,250
    
    
    
    07/14/07
    
    
    
    175,000Senior Unsecured Notes
    
    
    6.875
    %
    
    
    100,000
    
    
    
    6,875
    
    
    
    08/15/12
    
    
    
    100,000Senior Unsecured Notes
    
    
    6.150
    %
    
    
    125,000
    
    
    
    7,688
    
    
    
    04/15/13
    
    
    
    125,000Senior Unsecured Notes
    
    
    4.800
    %
    
    
    100,000
    
    
    
    4,800
    
    
    
    04/01/11
    
    
    
    100,000Senior Unsecured Notes
    
    
    6.250
    %
    
    
    300,000
    
    
    
    18,750
    
    
    
    06/15/14
    
    
    
    300,000Senior Unsecured Notes
    
    
    4.750
    %
    
    
    275,000
    
    
    
    13,063
    
    
    
    02/01/10
    
    
    
    275,000Senior Unsecured Notes
    
    
    5.500
    %
    
    
    325,000
    
    
    
    17,875
    
    
    
    10/01/15
    
    
    
    325,000Unamortized Discounts
    
    
    
    
    
    
    (4,834
    )
    
    
    
    
    
    
    
    
    
    
    (4,834
    )TOTAL CONSOLIDATED DEBT
    
    
    6.146
    %
    
    $
    2,494,350
    
    
    $
    240,284
    
    
    
    
    
    
    $
    2,390,335
 39




---



##### Table of Contents



(1)
    
    Certain of the properties were developed in phases and
separate mortgage indebtedness may encumber each of the various phases. In the listing of
property names, CG has been used as an abbreviation for Colonial Grand, CP as an abbreviation
for Colonial Promenade, CS as an abbreviation for Colonial Shoppes and CV as an abbreviation
for Colonial Village.(2)
    
    The maturity date noted represents the date on which credit
enhancement expires for the tax-exempt municipal bonds put in place as part of the original
financing for the property. The stated maturity date for the loans is August 1, 2022.(3)
    
    This unsecured credit facility bears interest at a variable
rate, based on LIBOR plus a spread of 80 basis points. The facility also includes a
competitive bid feature that allows us to convert up to $250 million under the line of credit
to a fixed rate, for a fixed term not to exceed 90 days. At December 31, 2005, we had $0
outstanding under the competitive bid feature.(4)
    
    Represents mortgage or note payable assumed in the Cornerstone
acquisition.(5)
    
    Represents floating rate debt that has been swapped to a fixed
rate of 6.59%.(6)
    
    Represents variable rate debt.(7)
    
    Represents floating rate debt that has been swapped to a fixed
rate of 5.470%.  Company's ShareCompany's
    
    
    of PrincipalPercentage
    
    
    Balance (as of
    
    
    Interest
    
    
    MaturityUnconsolidated Entity
    
    Ownership
    
    
    12/31/05)
    
    
    Rate
    
    
    DateMultifamily Properties:Barrington, LLC (CG)
    
    
    15.0
    %
    
    $
    942,014
    
    
    
    7.60
    %
    
    
    10/01/09Mountain Brook, LLC (CG)
    
    
    15.0
    %
    
    
    2,334,888
    
    
    
    7.60
    %
    
    
    10/01/09Stockbridge, LLC (CV)
    
    
    15.0
    %
    
    
    1,481,357
    
    
    
    7.60
    %
    
    
    10/01/09Hillwood, LLC (CV)
    
    
    15.0
    %
    
    
    499,500
    
    
    
    4.87
    %(1)
    
    
    12/15/30Hillwood, LLC (CV)
    
    
    15.0
    %
    
    
    283,067
    
    
    
    7.80
    %
    
    
    10/01/20Inverness Lakes I, LLC (CV)
    
    
    15.0
    %
    
    
    600,000
    
    
    
    4.83
    %(1)
    
    
    12/15/30Inverness Lakes I, LLC (CV)
    
    
    15.0
    %
    
    
    311,343
    
    
    
    7.80
    %
    
    
    07/01/20Inverness Lakes II, LLC (CV)
    
    
    15.0
    %
    
    
    1,939,106
    
    
    
    8.11
    %
    
    
    05/01/10Rocky Ridge, LLC (CV)
    
    
    15.0
    %
    
    
    900,000
    
    
    
    5.00
    %(1)
    
    
    12/15/30Rocky Ridge, LLC (CV)
    
    
    15.0
    %
    
    
    260,956
    
    
    
    7.74
    %
    
    
    10/01/16Bayshore (CG)
    
    
    25.0
    %
    
    
    4,841,888
    
    
    
    6.85
    %
    
    
    11/01/11Palma Sola (CG)
    
    
    25.0
    %
    
    
    3,886,195
    
    
    
    7.03
    %
    
    
    04/01/12Cunningham
    
    
    20.0
    %
    
    
    2,800,000
    
    
    
    5.18
    %
    
    
    06/15/09Colony Woods
    
    
    10.0
    %
    
    
    1,715,000
    
    
    
    4.18
    %
    
    
    11/04/08Madison at Shoal Run
    
    
    10.0
    %
    
    
    980,000
    
    
    
    4.18
    %
    
    
    11/04/08Meadows at Brook Highland
    
    
    10.0
    %
    
    
    1,536,000
    
    
    
    4.18
    %
    
    
    11/04/08Stone Ridge
    
    
    10.0
    %
    
    
    500,000
    
    
    
    5.50
    %
    
    
    01/01/09Arbors at Windsor Lake
    
    
    10.0
    %
    
    
    892,500
    
    
    
    5.50
    %
    
    
    01/01/09Merritt at Godley Station
    
    
    35.0
    %
    
    
    6,903,543
    
    
    
    5.50
    %
    
    
    06/01/25Brentwood (CG)
    
    
    25.0
    %
    
    
    3,693,788
    
    
    
    7.22
    %
    
    
    01/01/11Hendersonville (CV)
    
    
    25.0
    %
    
    
    3,620,885
    
    
    
    7.22
    %
    
    
    01/01/11Pinnacle High Resort  Fixed
    
    
    20.0
    %
    
    
    2,966,000
    
    
    
    4.67
    %
    
    
    11/01/11Pinnacle High Resort  Floating
    
    
    20.0
    %
    
    
    741,600
    
    
    
    5.39
    %(1)
    
    
    11/01/11Pinnacle Estates  Fixed
    
    
    20.0
    %
    
    
    3,312,200
    
    
    
    4.67
    %
    
    
    11/01/11Pinnacle Estates  Floating
    
    
    20.0
    %
    
    
    828,000
    
    
    
    5.39
    %(1)
    
    
    11/01/11Hacienda Del Rio  Fixed
    
    
    20.0
    %
    
    
    972,640
    
    
    
    4.67
    %
    
    
    11/01/11Hacienda Del Rio  Floating
    
    
    20.0
    %
    
    
    243,160
    
    
    
    5.39
    %(1)
    
    
    11/01/11Pinnacle at High Desert  Fixed
    
    
    20.0
    %
    
    
    5,535,000
    
    
    
    4.67
    %
    
    
    11/01/11Pinnacle at High Desert  Floating
    
    
    20.0
    %
    
    
    1,383,800
    
    
    
    5.39
    %(1)
    
    
    11/01/11Desert Lakes  Fixed
    
    
    20.0
    %
    
    
    1,903,680
    
    
    
    4.67
    %
    
    
    11/01/11Desert Lakes  Floating
    
    
    20.0
    %
    
    
    475,920
    
    
    
    5.39
    %(1)
    
    
    11/01/11Flamingo West  Fixed
    
    
    20.0
    %
    
    
    3,151,040
    
    
    
    4.67
    %
    
    
    11/01/11Flamingo West  Floating
    
    
    20.0
    %
    
    
    787,760
    
    
    
    5.39
    %(1)
    
    
    11/01/11Talavera  Fixed
    
    
    20.0
    %
    
    
    3,780,000
    
    
    
    4.67
    %
    
    
    11/01/11Talavera  Floating
    
    
    20.0
    %
    
    
    945,000
    
    
    
    5.39
    %(1)
    
    
    11/01/11Colonial Del Rio  Fixed
    
    
    20.0
    %
    
    
    1,306,800
    
    
    
    4.67
    %
    
    
    11/01/11Colonial Del Rio  Floating
    
    
    20.0
    %
    
    
    326,800
    
    
    
    5.39
    %(1)
    
    
    11/01/11Fairway Crossings  Fixed
    
    
    20.0
    %
    
    
    2,050,560
    
    
    
    4.67
    %
    
    
    11/01/11Fairway Crossings  Floating
    
    
    20.0
    %
    
    
    514,857
    
    
    
    5.39
    %(1)
    
    
    11/01/11Posada Del Este  Fixed
    
    
    20.0
    %
    
    
    890,880
    
    
    
    4.67
    %
    
    
    11/01/11Posada Del Este  Floating
    
    
    20.0
    %
    
    
    222,720
    
    
    
    5.39
    %(1)
    
    
    11/01/11Casalindas  Fixed
    
    
    20.0
    %
    
    
    990,880
    
    
    
    4.67
    %
    
    
    11/01/11Casalindas  Floating
    
    
    20.0
    %
    
    
    247,720
    
    
    
    5.39
    %(1)
    
    
    11/01/11Pinnacle Heights  Fixed
    
    
    20.0
    %
    
    
    2,775,040
    
    
    
    4.67
    %
    
    
    11/01/11Pinnacle Heights  Floating
    
    
    20.0
    %
    
    
    693,760
    
    
    
    5.39
    %(1)
    
    
    11/01/11Spring Hill  Fixed
    
    
    20.0
    %
    
    
    1,301,000
    
    
    
    4.67
    %
    
    
    11/01/11Spring Hill  Floating
    
    
    20.0
    %
    
    
    325,200
    
    
    
    5.69
    %(1)
    
    
    11/01/11Rancho Viejo  Fixed
    
    
    20.0
    %
    
    
    1,533,800
    
    
    
    4.67
    %
    
    
    11/01/11Rancho Viejo  Floating
    
    
    20.0
    %
    
    
    383,400
    
    
    
    5.69
    %(1)
    
    
    11/01/11La Entrada  Fixed
    
    
    20.0
    %
    
    
    889,920
    
    
    
    4.67
    %
    
    
    11/01/11La Entrada  Floating
    
    
    20.0
    %
    
    
    222,480
    
    
    
    5.39
    %(1)
    
    
    11/01/11Arabian Trails  Fixed
    
    
    20.0
    %
    
    
    3,043,680
    
    
    
    4.67
    %
    
    
    11/01/11Arabian Trails  Floating
    
    
    20.0
    %
    
    
    760,920
    
    
    
    5.39
    %(1)
    
    
    11/01/11The Grove at Riverchase
    
    
    20.0
    %
    
    
    3,850,000
    
    
    
    5.05
    %
    
    
    10/01/10CG at Research Park  Durham
    
    
    20.0
    %
    
    
    4,784,463
    
    
    
    5.28
    %
    
    
    10/01/13
 40




---



##### Table of Contents



Company's ShareCompany's
    
    
    of PrincipalPercentage
    
    
    Balance (as of
    
    
    Interest
    
    
    MaturityUnconsolidated Entity
    
    Ownership
    
    
    12/31/05)
    
    
    Rate
    
    
    DateOffice Property:Land Title Building
    
    
    33.3
    %
    
    
    446,820
    
    
    
    8.10
    %
    
    
    02/01/15Orlando Central Center
    
    
    15.0
    %
    
    
    8,730,000
    
    
    
    5.35
    %
    
    
    09/30/10St Petersburg Center
    
    
    15.0
    %
    
    
    11,985,000
    
    
    
    6.64
    %(1)
    
    
    04/09/07Tallahassee Apal Pky Center
    
    
    15.0
    %
    
    
    14,385,000
    
    
    
    6.64
    %(1)
    
    
    04/09/07Memphis Germantown Center
    
    
    15.0
    %
    
    
    7,665,000
    
    
    
    5.35
    %
    
    
    09/30/10Atlantic Center Plaza  Fixed
    
    
    15.0
    %
    
    
    11,991,712
    
    
    
    5.49
    %
    
    
    01/01/15Atlantic Center Plaza  Floating
    
    
    15.0
    %
    
    
    1,875,000
    
    
    
    6.44
    %(1)
    
    
    01/01/08Atlanta Chamblee Center
    
    
    15.0
    %
    
    
    20,550,000
    
    
    
    6.14
    %(1)
    
    
    09/30/07Ravinia  Fixed
    
    
    15.0
    %
    
    
    12,742,913
    
    
    
    5.26
    %
    
    
    01/01/08Ravinia  Floating
    
    
    15.0
    %
    
    
    1,950,000
    
    
    
    6.44
    %(1)
    
    
    01/01/08Ravinia  Mezzanine
    
    
    15.0
    %
    
    
    2,917,500
    
    
    
    8.14
    %(1)
    
    
    09/30/06Atlanta Perimeter Center
    
    
    15.0
    %
    
    
    2,790,000
    
    
    
    6.14
    %(1)
    
    
    09/30/07Atlanta Gwinnett Center
    
    
    15.0
    %
    
    
    4,995,000
    
    
    
    6.64
    %(1)
    
    
    04/09/07Orlando University Center
    
    
    15.0
    %
    
    
    7,755,000
    
    
    
    5.35
    %
    
    
    09/30/10Orlando Lake Mary Center
    
    
    15.0
    %
    
    
    6,060,000
    
    
    
    6.14
    %(1)
    
    
    09/30/07Richmond Paragon
    
    
    15.0
    %
    
    
    3,480,000
    
    
    
    6.64
    %(1)
    
    
    04/09/07Decoverly  Fixed
    
    
    15.0
    %
    
    
    3,750,000
    
    
    
    5.35
    %
    
    
    09/30/10Decoverly  Floating
    
    
    15.0
    %
    
    
    720,000
    
    
    
    6.64
    %(1)
    
    
    04/09/07Broward Financial
    
    
    15.0
    %
    
    
    6,937,204
    
    
    
    4.84
    %
    
    
    02/10/08Las Olas
    
    
    15.0
    %
    
    
    14,720,384
    
    
    
    5.32
    %
    
    
    12/11/14Charlotte University Center
    
    
    15.0
    %
    
    
    2,790,000
    
    
    
    5.35
    %
    
    
    09/30/10Charlotte Vanguard Center
    
    
    15.0
    %
    
    
    6,810,000
    
    
    
    6.64
    %(1)
    
    
    04/09/07Jacksonville Baymeadows Center
    
    
    15.0
    %
    
    
    12,840,000
    
    
    
    5.35
    %
    
    
    09/30/10Baymeadows
    
    
    15.0
    %
    
    
    2,076,907
    
    
    
    5.55
    %
    
    
    06/11/14Westchase
    
    
    15.0
    %
    
    
    2,276,961
    
    
    
    5.39
    %
    
    
    09/11/14Jacksonville JTB Center
    
    
    15.0
    %
    
    
    4,320,000
    
    
    
    5.35
    %
    
    
    09/30/10Landstar
    
    
    15.0
    %
    
    
    3,600,000
    
    
    
    6.64
    %(1)
    
    
    04/09/07McGinnis Park  Fixed
    
    
    15.0
    %
    
    
    146,812
    
    
    
    8.00
    %
    
    
    04/09/07McGinnis Park  Floating
    
    
    15.0
    %
    
    
    2,610,000
    
    
    
    6.64
    %(1)
    
    
    04/09/07Post Oak
    
    
    15.0
    %
    
    
    17,205,000
    
    
    
    6.14
    %(1)
    
    
    09/30/07Dallas 6600 Campus Circle
    
    
    15.0
    %
    
    
    2,265,000
    
    
    
    6.64
    %(1)
    
    
    04/09/07Dallas Tollway Crossing
    
    
    15.0
    %
    
    
    3,360,000
    
    
    
    6.64
    %(1)
    
    
    04/09/07Signature Place
    
    
    15.0
    %
    
    
    4,320,000
    
    
    
    6.39
    %(1)
    
    
    02/10/08Retail Properties:CP Hoover
    
    
    10.0
    %
    
    
    1,713,967
    
    
    
    5.94
    %
    
    
    01/11/13Glynn Place Mall JV
    
    
    10.0
    %
    
    
    2,300,000
    
    
    
    5.25
    %
    
    
    12/08/10Valdosta Mall JV
    
    
    10.0
    %
    
    
    5,160,000
    
    
    
    5.27
    %
    
    
    12/08/15Bel Air Mall JV
    
    
    10.0
    %
    
    
    12,240,000
    
    
    
    5.30
    %
    
    
    12/08/15Myrtle Beach Mall JV
    
    
    10.0
    %
    
    
    5,020,000
    
    
    
    6.09
    %(1)
    
    
    12/11/07University Village Mall JV
    
    
    10.0
    %
    
    
    3,179,000
    
    
    
    6.04
    %(1)
    
    
    12/11/07Greenville Mall JV
    
    
    10.0
    %
    
    
    4,467,500
    
    
    
    5.29
    %
    
    
    12/08/15Colonial Pinnacle Turkey Creek
    
    
    50.0
    %
    
    
    6,508,893
    
    
    
    6.19
    %
    
    
    12/20/06Parkway Place
    
    
    45.0
    %
    
    
    26,415,000
    
    
    
    5.39
    %(1)
    
    
    06/28/08Total Unconsolidated Debt
    
    
    
    
    
    $
    373,134,283
    
    
    
    4.85
    %
 
 (1)
    
    Represents variable rate debt. 
 Item 3. Legal Proceedings.
  
 Item 4. Submission of Matters to a Vote of Security Holders.
  41




---



##### Table of Contents



PART II
 
 Item 5. Market for Registrants Common Equity and Related Shareholder Matters.
    Calendar Period
    
    Distribution2005First Quarter
    
    $
    0.675Second Quarter
    
    $
    0.675Third Quarter
    
    $
    0.675Fourth Quarter
    
    $
    0.6752004First Quarter
    
    $
    0.670Second Quarter
    
    $
    0.670Third Quarter
    
    $
    0.670Fourth Quarter
    
    $
    0.670
 42




---



##### Table of Contents



Item 6. Selected Financial Data.
  COLONIAL REALTY LIMITED PARTNERSHIP
SELECTED FINANCIAL INFORMATION
 (in thousands, except per unit data)
    
    2005
    
    2004
    
    2003
    
    2002
    
    2001OPERATING DATATotal revenue
    
    $
    495,443
    
    
    $
    317,630
    
    
    $
    272,296
    
    
    $
    262,016
    
    
    $
    247,945Expenses:Depreciation and amortization
    
    
    181,723
    
    
    
    88,025
    
    
    
    74,338
    
    
    
    67,961
    
    
    
    58,131Other operating
    
    
    207,814
    
    
    
    126,031
    
    
    
    103,753
    
    
    
    93,253
    
    
    
    83,061Income from operations
    
    
    105,906
    
    
    
    103,574
    
    
    
    94,205
    
    
    
    100,802
    
    
    
    106,753Interest expense
    
    
    130,636
    
    
    
    77,743
    
    
    
    61,896
    
    
    
    59,071
    
    
    
    65,614Interest income
    
    
    4,460
    
    
    
    1,064
    
    
    
    792
    
    
    
    1,299
    
    
    
    1,049Other income, net
    
    
    102,877
    
    
    
    8,420
    
    
    
    7,218
    
    
    
    35,820
    
    
    
    16,637Income from continuing operations
    
    
    82,607
    
    
    
    36,314
    
    
    
    40,317
    
    
    
    78,850
    
    
    
    58,825Income from discontinued operations
    
    
    200,862
    
    
    
    40,999
    
    
    
    34,465
    
    
    
    32,057
    
    
    
    28,422Distributions to preferred unitholders
    
    
    29,641
    
    
    
    22,274
    
    
    
    28,608
    
    
    
    24,438
    
    
    
    22,280Net income available to common unitholders
    
    
    253,828
    
    
    
    55,039
    
    
    
    46,174
    
    
    
    86,468
    
    
    
    64,966Per unit  basic:Income from continuing operations
    
    $
    1.08
    
    
    $
    0.38
    
    
    $
    0.33
    
    
    $
    1.64
    
    
    $
    1.14Income from discontinued operations
    
    
    4.10
    
    
    
    1.09
    
    
    
    0.97
    
    
    
    0.97
    
    
    $
    0.89Net income
per unit  basic
    
    $
    5.18
    
    
    $
    1.47
    
    
    $
    1.30
    
    
    $
    2.61
    
    
    $
    2.03Per unit  diluted:Income from continuing operations
    
    $
    1.07
    
    
    $
    0.37
    
    
    $
    0.33
    
    
    $
    1.62
    
    
    $
    1.14Income from discontinued operations
    
    
    4.06
    
    
    
    1.08
    
    
    
    0.96
    
    
    
    0.96
    
    
    $
    0.88Net income
per unit  diluted
    
    $
    5.13
    
    
    $
    1.45
    
    
    $
    1.29
    
    
    $
    2.58
    
    
    $
    2.02Distributions per unit
    
    $
    2.70
    
    
    $
    2.68
    
    
    $
    2.66
    
    
    $
    2.64
    
    
    $
    2.52BALANCE SHEET DATALand, buildings and equipment, net
    
    $
    3,888,927
    
    
    $
    2,426,379
    
    
    $
    1,970,695
    
    
    $
    1,947,072
    
    
    $
    1,756,255Total assets
    
    
    4,499,227
    
    
    
    2,801,324
    
    
    
    2,194,867
    
    
    
    2,129,773
    
    
    
    2,014,383Total long-term liabilities
    
    
    2,494,350
    
    
    
    1,855,787
    
    
    
    1,267,865
    
    
    
    1,262,193
    
    
    
    1,191,791OTHER DATATotal properties (at end of year)
    
    
    261
    
    
    
    153
    
    
    
    112
    
    
    
    106
    
    
    
    108
 
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.
  43




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##### Table of Contents



General
    Consolidated Properties
    
    Unconsolidated Properties
    
    Total PropertiesAs of and for the Year
    
    As of and for the Year
    
    As of and for the YearEnded December 31,
    
    Ended December 31,
    
    Ended December 31,2005
    
    2004
    
    2005
    
    2004
    
    2005
    
    2004Multifamily PropertiesPhysical Occupancy
    
    
    95.3
    %
    
    
    94.7
    %
    
    
    95.6
    %
    
    
    92.9
    %
    
    
    95.3
    %
    
    
    94.6
    %Same-Property Economic Occupancy (1)
    
    
    84.2
    %
    
    
    81.8
    %
    
    
    n/a
    
    
    
    n/a
    
    
    
    84.2
    %
    
    
    81.8
    %End of Month Scheduled Base
Rent per Unit per Month
    
    $
    817
    
    
    $
    851
    
    
    $
    815
    
    
    $
    782
    
    
    $
    828
    
    
    $
    844Capital Expenditures per Unit
    
    $
    682
    
    
    $
    690
    
    
    $
    853
    
    
    $
    487
    
    
    $
    710
    
    
    $
    609Office PropertiesPhysical Occupancy
    
    
    92.4
    %
    
    
    92.2
    %
    
    
    86.4
    %
    
    
    100.0
    %
    
    
    91.3
    %
    
    
    92.2
    %Base Rent per Square Foot
    
    $
    19.25
    
    
    $
    18.28
    
    
    $
    21.22
    
    
    $
    14.86
    
    
    $
    19.60
    
    
    $
    17.48Capital Expenditures per Square Foot
    
    $
    3.53
    
    
    $
    2.48
    
    
    $
    0.79
    
    
    $
    
    
    
    $
    3.51
    
    
    $
    2.48Retail PropertiesRegional Malls:Physical Occupancy
    
    
    93.2
    %
    
    
    93.8
    %
    
    
    93.3
    %
    
    
    81.9
    %
    
    
    93.4
    %
    
    
    93.4
    %Base Rent per Square Foot
    
    $
    20.76
    
    
    $
    22.25
    
    
    $
    24.12
    
    
    $
    22.86
    
    
    $
    22.99
    
    
    $
    22.86Tenant Gross Sales per Square Foot
    
    $
    255.64
    
    
    $
    271.03
    
    
    $
    287.69
    
    
    $
    272.05
    
    
    $
    276.43
    
    
    $
    271.19Shopping Centers:Physical Occupancy
    
    
    90.2
    %
    
    
    87.9
    %
    
    
    94.6
    %
    
    
    99.3
    %
    
    
    91.0
    %
    
    
    88.5
    %Base Rent per Square Foot
    
    $
    17.20
    
    
    $
    16.61
    
    
    $
    17.41
    
    
    $
    17.23
    
    
    $
    17.21
    
    
    $
    16.65Tenant Gross Sales per Square Foot
    
    $
    227.31
    
    
    $
    212.70
    
    
    $
    274.29
    
    
    $
    237.48
    
    
    $
    229.55
    
    
    $
    214.16
 
 (1)
    
    Economic Occupancy represents scheduled base rents, less vacancy loss, all concessions adjusted
for straightline (including but not limited to: renewals, move-ins, models, employee units), and
bad debts divided by scheduled base rents  44




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##### Table of Contents




    
    changes in job growth, household formation and population growth in our markets;
    
    changes in interest rates;
    
    supply and demand for apartment properties in our current markets; and
    
    competition, which could limit our ability to secure attractive investment
opportunities, lease apartment properties, or increase or maintain rents.
     Merger with Cornerstone Realty Income Trust, Inc.
  Recent Activity
   45




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##### Table of Contents



Comparison of the year ended December 31, 2005 to the year ended December 31, 2004
 Base rent
 Percentage rent
 46




---



##### Table of Contents



Tenant recoveries
 Other property related revenue
 Other non-property related revenue
 General operating expenses
 Salaries and benefits
 Repairs and maintenance
 Taxes, licenses and insurance
 General and administrative
 Depreciation and amortization
 Interest expense
 Interest Income
 47




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##### Table of Contents



Income from partially owned entities
 Gains from sales of property
 Income taxes
 Other income (expense)
 Income from discontinued operations
 Comparison of the year ended December 31, 2004 to the year ended December 31, 2003
 Base rent
 Percentage rent
 Tenant recoveries
 Other property related revenue
 Other non-property related revenue
 General operating expenses
 48




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##### Table of Contents



Salaries and benefits
 Repairs and maintenance
 Taxes, licenses and insurance
 General and administrative
 Depreciation and amortization
 Interest expense
 Income from partially owned entities
 Gains from sales of property
 Income taxes
 Other income (expense)
 Summary of Critical Accounting Policies
  49




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##### Table of Contents



Land, Buildings, and Equipment
  Useful LivesBuildings
    
    40 yearsFurniture and fixtures
    
    5 or 7 yearsEquipment
    
    3 or 5 yearsLand improvements
    
    10 or 15 yearsTenant improvements
    
    Life of lease
  Acquisition of Real Estate Assets
 Determining Whether a
Non-monetary Transaction Involves Receipt of Productive Assets or of a Business
    50




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##### Table of Contents



Real Estate Development
   Principles of Consolidation
  Revenue Recognition
  51




---



##### Table of Contents



Notes Receivable
  Valuation of Receivables
   Derivative Instruments
   Recent Pronouncements of the Financial Accounting Standards Board (FASB)
 Consolidation of Variable
Interest Entities
 52




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##### Table of Contents



Share Based Payment
 Investors Accounting for an Investment in a Limited Partnership When the Investor is the Sole
General Partner and the Limited Partners Have Certain Rights
 Accounting for Conditional Asset
Retirement Obligations
 Liquidity and Capital Resources
 Short-Term Liquidity Needs
   53




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##### Table of Contents



Long-Term Liquidity Needs
       54




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##### Table of Contents



Investing Activities
    Distribution
  Financing Transactions
   55




---



##### Table of Contents



Credit Ratings
  Rating Agency
    
    Rating(1)
    
    Last updateStandard & Poors
    
    BBB-
    
    December 27, 2004Moodys
    
    Baa3
    
    January 12, 2005Fitch
    
    BBB-
    
    November 15, 2005
 
 (1)
    
    Ratings outlook is stable.  Market Risk
  56




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##### Table of Contents



Estimated(amounts in thousands)
    
    Fair2006
    
    2007
    
    2008
    
    2009
    
    2010
    
    Thereafter
    
    Total
    
    ValueFixed Rate Debt
    
    $
    86,617
    
    
    $
    180,017
    
    
    $
    147,886
    
    
    $
    49,203
    
    
    $
    367,483
    
    
    $
    1,396,312
    
    
    $
    2,227,518
    
    
    $
    2,312,155Average interest rate
at December 31,
2005
    
    
    7.9
    %
    
    
    7.0
    %
    
    
    5.7
    %
    
    
    7.6
    %
    
    
    5.5
    %
    
    
    6.2
    %
    
    
    6.0
    %Variable Debt
    
    $
    365
    
    
    $
    
    
    
    $
    110,228
    
    
    $
    
    
    
    $
    
    
    
    $
    156,239
    
    
    $
    266,832
    
    
    $
    266,832Average interest rate
at December 31,
2005
    
    
    3.7
    %
    
    
    
    
    
    
    5.2
    %
    
    
    
    
    
    
    
    
    
    
    5.4
    %
    
    
    5.3
    %
     57




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##### Table of Contents



Fair ValueAt December 31, 2005Interest
    
    
    
    
    
    Asset (Liability)Product Type
    
    Notional Value
    
    Rate
    
    Maturity
    
    (in thousands)Interest Rate SWAP, Cash Flow
    
    $11.2 million
    
    
    5.932
    %
    
    
    1/1/06
    
    
    $
    (15
    )Interest Rate CAP, Cash Flow
    
    $16.4 million
    
    
    4.840
    %
    
    
    4/1/06
    
    
    
    Interest Rate CAP, Cash Flow
    
    $25.9 million
    
    
    4.840
    %
    
    
    4/1/06
    
    
    
    Interest Rate CAP, Cash Flow
    
    $8.4 million
    
    
    4.840
    %
    
    
    4/1/06
    
    
    
    Interest Rate CAP, Cash Flow
    
    $30.4 million
    
    
    11.200
    %
    
    
    7/3/06
    
    
    
    Interest Rate CAP, Cash Flow
    
    $19.7 million
    
    
    6.850
    %
    
    
    6/29/07
    
    
    
    1Interest Rate CAP, Cash Flow
    
    $16.7 million
    
    
    6.850
    %
    
    
    7/3/07
    
    
    
    1Interest Rate CAP, Cash Flow
    
    $12.8 million
    
    
    6.000
    %
    
    
    7/1/08
    
    
    
    1Interest Rate CAP, Cash Flow
    
    $22.4 million
    
    
    6.000
    %
    
    
    7/1/08
    
    
    
    1Interest Rate CAP, Cash Flow
    
    $9.9 million
    
    
    6.000
    %
    
    
    7/1/08
    
    
    
    1Interest Rate CAP, Cash Flow
    
    $10.0 million
    
    
    8.373
    %
    
    
    8/1/08
    
    
    
    1Interest Rate CAP, Cash Flow
    
    $14.9 million
    
    
    7.543
    %
    
    
    8/1/08
    
    
    
    3Interest Rate CAP, Cash Flow
    
    $7.4 million
    
    
    6.983
    %
    
    
    8/1/08
    
    
    
    3Interest Rate CAP, Cash Flow
    
    $6.2 million
    
    
    8.373
    %
    
    
    8/1/08
    
    
    
    Interest Rate CAP, Cash Flow
    
    $13.3 million
    
    
    6.786
    %
    
    
    9/1/08
    
    
    
    8Interest Rate CAP, Cash Flow
    
    $5.5 million
    
    
    7.900
    %
    
    
    2/1/09
    
    
    
    2Interest Rate CAP, Cash Flow
    
    $17.6 million
    
    
    8.100
    %
    
    
    2/1/09
    
    
    
    4Interest Rate SWAP, Fair Value
    
    $100.0 million
    
    
    4.803
    %
    
    
    4/1/11
    
    
    
    325Interest Rate SWAP, Cash Flow
    
    $200.0 million
    
    
    4.830
    %
    
    
    2/15/16
    
    
    
    1,532Interest Rate SWAP, Cash Flow
    
    $175.0 million
    
    
    4.877
    %
    
    
    7/13/17
    
    
    
    1,153
    Contractual Obligations and Other Commercial Commitments
  Contractual Obligations
 Payments Due in Fiscal(in thousands)
    
    Total
    
    2006
    
    2007
    
    2008
    
    2009
    
    2010
    
    ThereafterLong-Term Debt:Consolidated
    
    $
    2,494,351
    
    
    $
    86,982
    
    
    $
    180,017
    
    
    $
    258,114
    
    
    $
    49,203
    
    
    $
    367,483
    
    
    $
    1,552,552Partially Owned Entities (1)
    
    
    373,134
    
    
    
    9,426
    
    
    
    109,161
    
    
    
    58,471
    
    
    
    8,951
    
    
    
    55,939
    
    
    
    131,186Total Long-Term Debt
    
    $
    2,867,485
    
    
    $
    96,408
    
    
    $
    289,178
    
    
    $
    316,585
    
    
    $
    58,154
    
    
    $
    423,422
    
    
    $
    1,683,738
 
 (1)
    
    Represents the our pro rata share of principal maturities and excludes net premiums and
discounts. 58




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##### Table of Contents



Other Commercial Commitments
 Total Amounts(in thousands)
    
    Committed
    
    2006
    
    2007
    
    2008
    
    2009
    
    2010
    
    ThereafterStandby Letters of Credit
    
    $
    2,801
    
    
    $
    2,801
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Guarantees
    
    
    51,000
    
    
    
    
    
    
    
    50,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,000Total Commercial Commitments
    
    $
    53,801
    
    
    $
    2,801
    
    
    $
    50,000
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    1,000
 Guarantees and Other Arrangements
      Outlook
  59




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##### Table of Contents



Inflation
   
 Item 7A. Quantitative and Qualitative Disclosures about Market Risk
 Managements
Discussion and Analysis of Financial Condition and Results of Operations  Market Risk
 
 Item 8. Financial Statements and Supplementary Data
   Consolidated Balance Sheets as of December 31, 2005 and 2004Consolidated Statements of Income and Comprehensive Income for the years ended
December 31, 2005, 2004, and 2003Consolidated Statements of Partners Equity for the years ended December 31, 2005, 2004, and 2003Consolidated Statements of Cash Flows for the years ended December 31, 2005, 2004, and 2003Notes to Consolidated Financial Statements
  60




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##### Table of Contents



COLONIAL REALTY LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS  (amounts in thousands)
  2005
    
    
    2004ASSETSLand, buildings, & equipment, net
    
    $
    3,974,907
    
    
    $
    2,696,302Undeveloped land and construction in progress
    
    
    202,052
    
    
    
    158,954Less: Accumulated Depreciation
    
    
    (453,352
    )
    
    
    (437,635
    )Real estate assets held for sale, net
    
    
    367,372
    
    
    
    167,712Net real estate assets
    
    
    4,090,979
    
    
    
    2,585,333Cash and equivalents
    
    
    30,615
    
    
    
    10,725Restricted cash
    
    
    8,142
    
    
    
    2,333Accounts receivable, net
    
    
    28,521
    
    
    
    20,642Prepaid expenses
    
    
    19,546
    
    
    
    11,238Notes receivable
    
    
    36,387
    
    
    
    906Deferred debt and lease costs
    
    
    50,436
    
    
    
    36,750Investment in partially owned entities
    
    
    123,700
    
    
    
    65,472Other assets
    
    
    110,901
    
    
    
    67,925Total Assets
    
    $
    4,499,227
    
    
    $
    2,801,324LIABILITIES AND PARTNERS EQUITYNotes and mortgages payable
    
    $
    2,274,620
    
    
    $
    1,615,817Unsecured credit facility
    
    
    210,228
    
    
    
    239,970Mortgages payable related to real estate held for sale
    
    
    9,502
    
    
    
    Total long-term liabilities
    
    
    2,494,350
    
    
    
    1,855,787Accounts payable
    
    
    74,455
    
    
    
    29,164Accrued interest
    
    
    29,063
    
    
    
    17,722Accrued expenses
    
    
    17,603
    
    
    
    10,622Tenant deposits
    
    
    7,251
    
    
    
    4,455Unearned rent
    
    
    9,722
    
    
    
    9,334Other liabilities
    
    
    736
    
    
    
    1,737Total liabilities
    
    
    2,633,180
    
    
    
    1,928,821Limited partners redeemable units, at redemption value - 10,872,568 and
10,372,650 units outstanding at December 31, 2005 and 2004,
respectively
    
    
    456,430
    
    
    
    407,334Limited partners minority interest in consolidated partnerships
    
    
    8,093
    
    
    
    1,389General partner -Common equity - 45,014,823 and 27,599,409 units outstanding at
December 31, 2005 and 2004, respectively
    
    
    1,003,583
    
    
    
    199,637Preferred equity ($308,149 liquidation preference)
    
    
    301,450
    
    
    
    168,703Limited partners preferred equity ($100,000 liquidation preference)
    
    
    97,406
    
    
    
    97,406Accumulated other comprehensive income (loss)
    
    
    (915
    )
    
    
    (1,966
    )Total partners equity
    
    
    1,401,524
    
    
    
    463,780Total liabilities and partners equity
    
    $
    4,499,227
    
    
    $
    2,801,324
  61




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##### Table of Contents



COLONIAL REALTY LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME  (amounts in thousands, except per unit data)
  2005
    
    
    2004
    
    
    2003Revenue:Base rent
    
    $
    407,649
    
    
    $
    257,127
    
    
    $
    218,572Base rent from affiliates
    
    
    2,486
    
    
    
    1,675
    
    
    
    1,079Percentage rent
    
    
    3,801
    
    
    
    2,960
    
    
    
    2,731Tenant recoveries
    
    
    37,579
    
    
    
    31,016
    
    
    
    29,725Other property related revenue
    
    
    28,752
    
    
    
    17,531
    
    
    
    16,363Other non-property related revenue
    
    
    15,176
    
    
    
    7,321
    
    
    
    3,826Total revenue
    
    
    495,443
    
    
    
    317,630
    
    
    
    272,296Property operating expenses:General operating expenses
    
    
    40,495
    
    
    
    23,519
    
    
    
    20,247Salaries and benefits
    
    
    29,937
    
    
    
    15,468
    
    
    
    12,663Repairs and maintenance
    
    
    43,557
    
    
    
    30,080
    
    
    
    26,380Taxes, licenses, and insurance
    
    
    51,785
    
    
    
    29,677
    
    
    
    24,982General and administrative
    
    
    42,040
    
    
    
    27,287
    
    
    
    19,481Depreciation
    
    
    129,954
    
    
    
    79,344
    
    
    
    66,982Amortization
    
    
    51,769
    
    
    
    8,681
    
    
    
    7,356Total operating expenses
    
    
    389,537
    
    
    
    214,056
    
    
    
    178,091Income from operations
    
    
    105,906
    
    
    
    103,574
    
    
    
    94,205Other income (expense):Interest expense
    
    
    (130,636
    )
    
    
    (77,744
    )
    
    
    (61,898
    )Interest income
    
    
    4,460
    
    
    
    1,064
    
    
    
    792Income from partially owned entities
    
    
    (886
    )
    
    
    1,145
    
    
    
    221Gains from sales of property
    
    
    111,238
    
    
    
    8,860
    
    
    
    7,479Income taxes
    
    
    (6,343
    )
    
    
    (691
    )
    
    
    (121
    )Other
    
    
    4,698
    
    
    
    387
    
    
    
    (361
    )Total other income (expense)
    
    
    (17,469
    )
    
    
    (66,979
    )
    
    
    (53,888
    )Income before minority interest and discontinued operations
    
    
    88,437
    
    
    
    36,595
    
    
    
    40,317Minority interest of limited partners in consolidated partnerships
    
    
    (5,830
    )
    
    
    (281
    )
    
    
    Income from continuing operations
    
    
    82,607
    
    
    
    36,314
    
    
    
    40,317Income from discontinued operations
    
    
    16,452
    
    
    
    23,425
    
    
    
    23,479Gain on disposal of discontinued operations
    
    
    184,410
    
    
    
    17,574
    
    
    
    10,986Income from discontinued operations
    
    
    200,862
    
    
    
    40,999
    
    
    
    34,465Net income
    
    
    283,469
    
    
    
    77,313
    
    
    
    74,782Distributions to general partner preferred unitholders
    
    
    (22,391
    )
    
    
    (14,781
    )
    
    
    (15,284
    )Distributions to limited partner preferred unitholders
    
    
    (7,250
    )
    
    
    (7,493
    )
    
    
    (8,873
    )Preferred unit issuance costs
    
    
    
    
    
    
    
    
    
    
    (4,451
    )Net income available to common unitholders
    
    
    253,828
    
    
    
    55,039
    
    
    
    46,174Net income available to common unitholders allocated to limited partners
    
    
    (56,578
    )
    
    
    (15,202
    )
    
    
    (13,644
    )Net income available to common unitholders allocated to
general partner
    
    $
    197,250
    
    
    $
    39,837
    
    
    $
    32,530Net income available to common unitholders per common unit  basic:Income from continuing operations
    
    $
    1.08
    
    
    $
    0.38
    
    
    $
    0.33Income from discontinued operations
    
    
    4.10
    
    
    
    1.09
    
    
    
    0.97Net income available to common unitholders per common unit -
basic
    
    $
    5.18
    
    
    $
    1.47
    
    
    $
    1.30Net income available to common unitholders per common unit  diluted:Income from continuing operations
    
    $
    1.07
    
    
    $
    0.37
    
    
    $
    0.33Income from discontinued operations
    
    
    4.06
    
    
    
    1.08
    
    
    
    0.96Net income available to common unitholders per common unit -
diluted
    
    $
    5.13
    
    
    $
    1.45
    
    
    $
    1.29Weighted average common units outstanding  basic
    
    
    48,811
    
    
    
    37,468
    
    
    
    35,416Weighted average common units outstanding  diluted
    
    
    49,202
    
    
    
    37,809
    
    
    
    35,682Net income
    
    $
    283,469
    
    
    $
    77,313
    
    
    $
    74,782Other comprehensive income (loss)Unrealized income (loss) on cash flow hedging activities
    
    
    812
    
    
    
    (245
    )
    
    
    1,866Change in additional minimum pension liability
    
    
    239
    
    
    
    
    
    
    
    Comprehensive income
    
    $
    284,520
    
    
    $
    77,068
    
    
    $
    76,648
  62




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##### Table of Contents



COLONIAL REALTY LIMITED PARTNERSHIP CONSOLIDATED
STATEMENTS OF PARTNERS EQUITY  (amounts in thousands)
  Limited
    
    AccumulatedGeneral Partner
    
    Partners
    
    OtherCommon
    
    Preferred
    
    Preferred
    
    ComprehensiveEquity
    
    Equity
    
    Equity
    
    Income (Loss)
    
    TotalBalance, December 31, 2002
    
    $
    186,258
    
    
    $
    168,674
    
    
    $
    97,406
    
    
    $
    (3,587
    )
    
    $
    448,751Net income available to common unitholders
before preferred unit distributions
    
    
    46,174
    
    
    
    15,282
    
    
    
    8,875
    
    
    
    
    
    
    
    70,331Net income available to common unitholders
allocated to limited partners
    
    
    (13,644
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (13,644
    )Cash contributions
    
    
    31,468
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    31,468Issuance of common units of beneficial
interest
    
    
    72,441
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    72,441Redemption of preferred units
    
    
    
    
    
    
    (120,549
    )
    
    
    
    
    
    
    
    
    
    
    (120,549
    )Issuance of preferred units
    
    
    
    
    
    
    120,578
    
    
    
    
    
    
    
    
    
    
    
    120,578Distributions
    
    
    (93,603
    )
    
    
    (15,282
    )
    
    
    (8,875
    )
    
    
    
    
    
    
    (117,760
    )Change in fair value of hedging activity
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,866
    
    
    
    1,866Adjustment of limited partner common equity
to redemption value
    
    
    (30,497
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (30,497
    )Balance, December 31, 2003
    
    
    198,597
    
    
    
    168,703
    
    
    
    97,406
    
    
    
    (1,721
    )
    
    
    462,985Net income available to common unitholders
before preferred unit distributions
    
    
    55,039
    
    
    
    14,781
    
    
    
    7,493
    
    
    
    
    
    
    
    77,313Net income available to common unitholders
allocated to limited partners
    
    
    (15,202
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (15,202
    )Cash contributions
    
    
    41,093
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    41,093Issuance of common units of beneficial
interest
    
    
    2,203
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,203Distributions
    
    
    (100,258
    )
    
    
    (14,781
    )
    
    
    (7,493
    )
    
    
    
    
    
    
    (122,532
    )Change in fair value of hedging activity
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (245
    )
    
    
    (245
    )Adjustment of limited partner common equity
to redemption value
    
    
    18,165
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,165Balance, December 31, 2004
    
    
    199,637
    
    
    
    168,703
    
    
    
    97,406
    
    
    
    (1,966
    )
    
    
    463,780Net income available to common unitholders
before preferred unit distributions
    
    
    253,828
    
    
    
    22,391
    
    
    
    7,250
    
    
    
    
    
    
    
    283,469Net income available to common unitholders
allocated to limited partners
    
    
    (56,578
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (56,578
    )Cash contributions
    
    
    57,233
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    57,233Common units
of beneficial interest issued in
connection with the Cornerstone
acquisition
    
    
    462,347
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    462,347Preferred
units of beneficial interest issued in connection with the
Cornerstone acquisition
    
    
    
    
    
    
    132,747
    
    
    
    
    
    
    
    
    
    
    
    132,747Common units
of beneficial interest issued in
connection with the equity offering
    
    
    187,415
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    187,415Distributions
    
    
    (131,569
    )
    
    
    (22,391
    )
    
    
    (7,250
    )
    
    
    
    
    
    
    (161,210
    )Change in fair value of hedging activity
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    812
    
    
    
    812Change in additional minimum pension
liability
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    239
    
    
    
    239Adjustment of limited partner common equity
to redemption value
    
    
    31,270
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    31,270Balance, December 31, 2005
    
    $
    1,003,583
    
    
    $
    301,450
    
    
    $
    97,406
    
    
    $
    (915
    )
    
    $
    1,401,524
  63




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##### Table of Contents



COLONIAL REALTY LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS  (amounts in thousands)
  2005
    
    
    2004
    
    
    2003Cash flows from operating activities:Net income
    
    $
    283,469
    
    
    $
    77,313
    
    
    $
    74,782Adjustments to reconcile net income to net cash
provided by operating activities:Depreciation and amortization
    
    
    194,300
    
    
    
    105,332
    
    
    
    88,814Loss (Income) from partially owned entities
    
    
    1,695
    
    
    
    (7,898
    )
    
    
    (608
    )Gains from sales of property
    
    
    (295,648
    )
    
    
    (20,308
    )
    
    
    (18,463
    )Distributions from unconsolidated subsidiaries
    
    
    3,942
    
    
    
    
    
    
    
    Other, net
    
    
    (2,540
    )
    
    
    1,193
    
    
    
    Decrease (increase) in:Restricted cash
    
    
    (5,809
    )
    
    
    (454
    )
    
    
    (398
    )Accounts receivable
    
    
    (5,463
    )
    
    
    (9,027
    )
    
    
    128Prepaid expenses
    
    
    (4,861
    )
    
    
    1,933
    
    
    
    980Other assets
    
    
    (25,332
    )
    
    
    (24,653
    )
    
    
    (9,349
    )Increase (decrease) in:Accounts payable
    
    
    19,557
    
    
    
    8,405
    
    
    
    1,240Accrued interest
    
    
    7,619
    
    
    
    2,889
    
    
    
    942Accrued expenses and other
    
    
    (16,755
    )
    
    
    (761
    )
    
    
    (278
    )Net cash provided by operating activities
    
    
    154,174
    
    
    
    133,964
    
    
    
    137,790Cash flows from investing activities:Acquisition of properties
    
    
    (655,356
    )
    
    
    (325,748
    )
    
    
    (77,472
    )Development expenditures
    
    
    (164,948
    )
    
    
    (89,847
    )
    
    
    (42,275
    )Development expenditures paid to an affiliate
    
    
    (41,597
    )
    
    
    (23,331
    )
    
    
    (30,242
    )Tenant improvements
    
    
    (27,373
    )
    
    
    (19,279
    )
    
    
    (14,002
    )Capital expenditures
    
    
    (42,468
    )
    
    
    (17,656
    )
    
    
    (12,447
    )Proceeds from (issuance of) notes receivable
    
    
    (31,321
    )
    
    
    1,598
    
    
    
    (1,197
    )Proceeds from sales of property, net of selling costs
    
    
    1,053,043
    
    
    
    59,702
    
    
    
    55,701Direct costs of Cornerstone Merger
    
    
    (35,016
    )Distributions from partially owned entities
    
    
    6,536
    
    
    
    35,026
    
    
    
    3,743Capital contributions to partially owned entities
    
    
    (61,810
    )
    
    
    (62,788
    )
    
    
    (4,366
    )Net cash used in investing activities
    
    
    (310
    )
    
    
    (442,323
    )
    
    
    (122,557
    )Cash flows from financing activities:Principal reductions of debt
    
    
    (852,189
    )
    
    
    (151,151
    )
    
    
    (175,964
    )Proceeds from additional borrowings
    
    
    634,260
    
    
    
    516,794
    
    
    
    186,470Net change in revolving credit balances
    
    
    (16,851
    )
    
    
    34,035
    
    
    
    (2,279
    )Proceeds from common unit issuance in connection with equity
offering
    
    
    187,415
    
    
    
    
    
    
    
    Proceeds from preferred unit issuance, net of expenses paid
    
    
    
    
    
    
    
    
    
    
    120,578Proceeds from issuance of limited partnership units, net of
expenses paid
    
    
    
    
    
    
    
    
    
    
    72,441Redemption of preferred units
    
    
    
    
    
    
    
    
    
    
    (125,000
    )Cash contributions
    
    
    57,233
    
    
    
    41,093
    
    
    
    31,468Distributions to common and preferred unitholders
    
    
    (161,210
    )
    
    
    (122,532
    )
    
    
    (117,760
    )Payment of mortgage financing cost
    
    
    (8,491
    )
    
    
    (7,225
    )
    
    
    (3,353
    )Distributions of debt proceeds from partially-owned entities
    
    
    28,003
    
    
    
    
    
    
    
    Distributions to minority intererst partners and other
    
    
    (2,144
    )
    
    
    
    
    
    
    Net cash provided by (used in) financing activities
    
    
    (133,974
    )
    
    
    311,014
    
    
    
    (13,399
    )Increase (decrease) in cash and equivalents
    
    
    19,890
    
    
    
    2,655
    
    
    
    1,834Cash and equivalents, beginning of period
    
    
    10,725
    
    
    
    8,070
    
    
    
    6,236Cash and equivalents, end of period
    
    $
    30,615
    
    
    $
    10,725
    
    
    $
    8,070Supplemental disclosures of cash flow information:Cash paid during the year for interest, net of amounts capitalized
    
    $
    130,737
    
    
    $
    83,237
    
    
    $
    66,614Supplemental disclosure of non cash transactions:Real estate assets acquired
    
    $
    1,460,380
    
    
    
    
    
    
    
    Assumption of notes and mortgages
    
    
    836,985
    
    
    
    
    
    
    
    Operating assets acquired
    
    
    21,121
    
    
    
    
    
    
    
    Operating liabilities acquired
    
    
    34,380
    
    
    
    
    
    
    
    Fair value of adjustments on notes and mortgages
    
    
    50,880
    
    
    
    
    
    
    
    Investments in partially owned entities acquired
    
    
    8,901
    
    
    
    
    
    
    
    Intangible assets acquired
    
    
    50,726
    
    
    
    
    
    
    
    Issuance of common shares of beneficial interest
    
    
    462,347
    
    
    
    
    
    
    
    Issuance of preferred shares of beneficial interest
    
    
    132,747
    
    
    
    
    
    
    
    Issuance of common units of operating partnership
    
    
    23,788
    
    
    
    
    
    
    
    Cash flow hedging activities
    
    
    812
    
    
    
    (245
    )
    
    
    1,866
  64




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##### Table of Contents



COLONIAL REALTY LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003
 1. Organization and Basis of Presentation
 Organization
 Federal
Income Tax Status
  Principles Of Consolidation
 Investments In Partially Owned Entities
 2. Summary of Significant Accounting Policies
 Land, Buildings, and Equipment
 65




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##### Table of Contents



Useful LivesBuildings
    
    20 - 40 yearsFurniture and fixtures
    
    5 or 7 yearsEquipment
    
    3 or 5 yearsLand improvements
    
    10 or 15 yearsTenant improvements
    
    Life of lease
 Accounting for the
Impairment or Disposal of Long-Lived Assets Accounting for Sales of Real Estate
 Acquisition of Real Estate Assets Business Combinations Determining Whether a Non-monetary Transaction Involves Receipt of Productive
Assets or of a Business
     66




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##### Table of Contents



Undeveloped Land and Construction in Progress
   Cash and Equivalents
  Restricted Cash
 Valuation of Receivables
 67




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##### Table of Contents



Notes Receivable
  Deferred Debt and Lease Costs
 Derivative Instruments Accounting for Derivative Instruments and Hedging
Activities
  Stock-Based Compensation Accounting for Stock-Based Compensation Accounting for Stock-Based
Compensation Transition and Disclosure
 Deferred Compensation on Restricted Shares
 Revenue Recognition
 68




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##### Table of Contents



Net Income Per Unit
 Self Insurance Accruals
  Use of Estimates
 Segment Reporting Disclosures about Segments of an Enterprise
and Related Information
 Recent Pronouncements of the Financial Accounting Standards Board (FASB) Consolidation of Variable Interest Entities
  Share Based Payment
 69




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##### Table of Contents



Investors Accounting for an Investment in a Limited Partnership When the Investor is the Sole
General Partner and the Limited Partners Have Certain Rights
 Accounting for Conditional Asset
Retirement Obligations
 3. Merger with Cornerstone Realty Income Trust
   
    
    a number of the Trusts common shares equal to the common share conversion rate, which
was calculated as 0.2581; or
    
    a number of the Trusts 7 5/8% Series E preferred depositary shares, $25.00 liquidation
preference per depositary share, equal to the preferred depositary share conversion rate,
which was calculated as 0.4194;
   70




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##### Table of Contents



(in thousands)Issuance of 11,277,358 Trust common shares to
Cornerstone shareholders
    
    $
    462,347Issuance of 5,326,349 Trust Series E preferred depository
shares to Cornerstone shareholders
    
    
    132,747Issuance of 578,358 CRLP common units
    
    
    23,788Fees and other expenses related to the merger
    
    
    35,016Total purchase price
    
    
    653,898Assumption of Cornerstones notes and mortgages payable
at book value
    
    
    836,985Adjustment to record Cornerstones notes and mortgages at
fair value
    
    
    50,880
    (1)Assumption of Cornerstones accounts payable and other
liabilities at fair value
    
    
    34,380Total purchase price and assumed liabilities
    
    $
    1,576,143
 
 (1)
    
    The fair value adjustment of $50.9 million to account for the difference between the fixed
rates and market rates for the Cornerstone borrowings includes $26.8 million for prepayment
penalties on debt retired during 2005.   (in thousands)Buildings
    
    $
    1,246,019Furniture and fixtures
    
    
    14,613Fair value of depreciable real estate assets
    
    
    1,260,632Land
    
    
    230,768Undeveloped land and construction in progress
    
    
    3,995In place lease value
    
    
    45,658Customer relationships
    
    
    5,068Other assets, including cash (excluding in-place lease values)
    
    
    21,121Investments in partially owned entities
    
    
    8,901Total purchase price
    
    $
    1,576,143
   71




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##### Table of Contents



In thousands, except per unit data
    
    ***** Pro Forma (Unaudited) *****Twelve Months
    
    
    Twelve MonthsEnded December 31,
    
    
    Ended December 31,2005(1)
    
    
    2004Total revenue
    
    $
    528,224
    
    
    $
    447,843Net income available to common unitholders
    
    $
    240,393
    
    
    $
    (17,264
    )Net income per common unit  dilutive
    
    $
    5.86
    
    
    $
    (0.45
    )
 
 (1)
    
    One time merger costs of $9.1 million expensed by Cornerstone, have been excluded from
the pro forma net income to common unitholders for the twelve months ended December 31, 2005. 4. Property Acquisitions and Dispositions
 Property Acquisitions
   72




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##### Table of Contents



EffectiveLocation
    
    Acquisition Date
    
    Units/Square FeetMultifamily Properties:Colonial Grand at Barrett Creek
    
    Atlanta, GA
    
    August 31, 2005
    
    
    332Colonial Grand at Bear Creek
    
    Fort Worth, TX
    
    August 18, 2005
    
    
    436Colonial Grand at Bellevue
    
    Nashville, TN
    
    November 29, 2005
    
    
    349Colonial Grand at Crabtree Valley
    
    Raleigh, NC
    
    November 29, 2005
    
    
    210Colonial Grand at Mallard Lake
    
    Charlotte, NC
    
    November 29, 2005
    
    
    302Colonial Grand at Shelby Farms
    
    Memphis , TN
    
    November 29, 2005
    
    
    296Colonial Grand at Arringdon
    
    Raleigh, NC
    
    February 12, 2004
    
    
    320Colonial Grand at Berkeley Lake
    
    Atlanta, GA
    
    June 1, 2004
    
    
    180Colonial Grand at Mt. Vernon
    
    Atlanta, GA
    
    June 1, 2004
    
    
    213Colonial Grand at River Oaks
    
    Atlanta, GA
    
    June 1, 2004
    
    
    216Colonial Grand at River Plantation
    
    Atlanta, GA
    
    June 1, 2004
    
    
    232Colonial Grand at Sugarloaf
    
    Atlanta, GA
    
    June 1, 2004
    
    
    250Colonial Village at Sierra Vista
    
    Austin, TX
    
    September 10, 2004
    
    
    232Colonial Grand at Seven Oaks
    
    Tampa, FL
    
    September 30, 2004
    
    
    318Colonial Grand at Beverly Crest
    
    Charlotte, NC
    
    October 29, 2004
    
    
    300Colonial Grand at Patters on Place
    
    Durham, NC
    
    October 29, 2004
    
    
    252Colonial Grand at McGinnis Ferry
    
    Atlanta, GA
    
    December 7, 2004
    
    
    434Colonial Grand at Metrowest
    
    Orlando, FL
    
    December 30, 2003
    
    
    311Colonial Village at Quarry Oaks
    
    Austin, TX
    
    December 30, 2003
    
    
    533Office Properties:Colonial Place I & II
    
    Tampa, FL
    
    January 31, 2005
    
    
    371,000Research Park Office Center IV
    
    Huntsville, AL
    
    February 1, 2005
    
    
    59,900Colonial Center at Bayside
    
    Tampa, FL
    
    April 15, 2005
    
    
    213,800Colonial Bank Centre
    
    Miami, FL
    
    April 27, 2005
    
    
    235,500Research Park Plaza III & IV
    
    Austin, TX
    
    June 30, 2005
    
    
    357,700Es planade
    
    Charlotte, NC
    
    July 14, 2005
    
    
    201,900Colonial Center Heathrow 1001
    
    Orlando, FL
    
    July 20, 2005
    
    
    192,200The Peachtree
    
    Atlanta, GA
    
    August 31, 2005
    
    
    260,900DRS Building
    
    Huntsville, AL
    
    February 12, 2004
    
    
    215,500Research Park Office Center
    
    Huntsville, AL
    
    October 22, 2004
    
    
    176,600Colonial Center Research Place
    
    Huntsville, AL
    
    December 15, 2003
    
    
    272,558Retail Properties:Colonial Promenade Portofino
    
    Houston, TX
    
    January 13, 2005
    
    
    372,500Colonial Pinnacle Kingwood Commons
    
    Houston, TX
    
    April 8, 2004
    
    
    164,356Village on the Parkway (1)
    
    Dallas, TX
    
    June 18, 2004
    
    
    381,166Colonial Shoppes College Parkway
    
    Ft. Myers, FL
    
    August 2, 2004
    
    
    78,879Colonial Promenade Deerfield Mall
    
    Deerfield Beach, FL
    
    August 2, 2004
    
    
    378,745Colonial Shoppes Pines Plaza
    
    Pembroke Pines, FL
    
    August 2, 2004
    
    
    68,170Colonial Promenade Boulevard Square
    
    Pembroke Pines, FL
    
    September 10, 2004
    
    
    220,656
 
 1)
    
    All acquisitions are 100% owned by the Company, with the exception of Village on the
Parkway, which is 90% owned by the Company.  (in thousands)2005
    
    
    2004
    
    
    2003Assets purchased:Land, buildings, and equipment
    
    $
    625,616
    
    
    $
    481,890
    
    
    $
    74,399Other assets
    
    
    43,054
    
    
    
    38,818
    
    
    
    4,080668,670
    
    
    
    520,708
    
    
    
    78,479Notes and mortgages assumed
    
    
    (5,415
    )
    
    
    (186,265
    )
    
    
    Other liabilities assumed or recorded
    
    
    (7,899
    )
    
    
    (8,695
    )
    
    
    (1,007
    )Cash paid
    
    $
    655,356
    
    
    $
    325,748
    
    
    $
    77,472
  73




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##### Table of Contents



In thousands, except per unit data
    
    ***** Pro Forma (Unaudited) *****Twelve Months
    
    
    Twelve MonthsEnded December 31,
    
    
    Ended December 31,2005
    
    
    2004Total revenue
    
    $
    505,353
    
    
    $
    359,559Net income available to common unitholders
    
    $
    199,073
    
    
    $
    46,443Net income
per common unit - dilutive
    
    $
    5.18
    
    
    $
    1.69
 Property Dispositions  Continuing Operations
  For Sale Projects
  Property Dispositions  Discontinued Operations
     74




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Units/SquareProperty
    
    Location
    
    Date
    
    
    FeetMultifamilyColonial Village at Cahaba Heights(1)
    
    Birmingham, AL
    
    February 2005
    
    
    125Colonial Grand at Riverhills(1)
    
    Tampa, FL
    
    February 2005
    
    
    776Colonial Village at Ashley Plantation
    
    Bluffton, SC
    
    March 2005
    
    
    414Colonial Village at Gainesville
    
    Gainesville, FL
    
    March 2005
    
    
    560Colonial Grand at Galleria Woods
    
    Birmingham, AL
    
    March 2005
    
    
    244Colonial Village at TownPark
    
    Sarasota, FL
    
    March 2005
    
    
    272Colonial Village at Walton Way
    
    Augusta, GA
    
    March 2005
    
    
    256Colonial Grand at Wesleyan
    
    Macon, GA
    
    March 2005
    
    
    328Colonial Village at Lake Mary
    
    Orlando, FL
    
    May 2005
    
    
    504Bridgetown Bay
    
    Charlotte, NC
    
    May 2005
    
    
    120Devonshire
    
    Dallas, TX
    
    May 2005
    
    
    144Dunwoody Springs
    
    Atlanta, GA
    
    May 2005
    
    
    350Caryle Club
    
    Atlanta, GA
    
    May 2005
    
    
    243Aspen Hills
    
    Dallas, TX
    
    May 2005
    
    
    240Ashley Run
    
    Atlanta, GA
    
    June 2005
    
    
    348Mill Crossing
    
    Dallas, TX
    
    June 2005
    
    
    184Arbors on Forest Ridge
    
    Fort Worth, TX
    
    October 2005
    
    
    210Cutters Point
    
    Dallas, TX
    
    October 2005
    
    
    196Eagle Crest
    
    Dallas, TX
    
    October 2005
    
    
    484Sierra Ridge
    
    San Antonio, TX
    
    October 2005
    
    
    230Timberglen
    
    Dallas, TX
    
    October 2005
    
    
    304Toscana
    
    Dallas, TX
    
    October 2005
    
    
    192Silverbrook
    
    Fort Worth, TX
    
    October 2005
    
    
    642The Meridian
    
    Austin, TX
    
    October 2005
    
    
    200The Landing
    
    Raleigh, NC
    
    December 2005
    
    
    200Cypress Cove at Suntree
    
    Melbourne, FL
    
    December 2005
    
    
    326Colonial Village at Vernon Marsh
    
    Savannah, GA
    
    October 2004
    
    
    178Colonial Grand at Ponte Vedra(1)
    
    Jacksonville, FL
    
    May 2004
    
    
    240Colonial Grand at Citrus Park
    
    Tampa, FL
    
    March 2003
    
    
    176OfficeVillage at Roswell Summit
    
    Atlanta, GA
    
    July 2004
    
    
    25,5002100 International Park
    
    Birmingham, AL
    
    September 2003
    
    
    29,000Retail(2)Colonial Mall Gadsden
    
    Gadsden, AL
    
    March 2005
    
    
    517,000Colonial Mall Temple
    
    Temple, TX
    
    April 2005
    
    
    555,600Colonial Mall Macon
    
    Macon, GA
    
    July 2005
    
    
    1,446,600Colonial Mall Burlington
    
    Burlington, NC
    
    July 2005
    
    
    419,200Colonial Promenade University Park I
    
    Orlando, FL
    
    March 2004
    
    
    215,600Colonial Shoppes at Stanley
    
    Locust, NC
    
    July 2004
    
    
    47,100Colonial Shoppes at Inverness
    
    Birmingham, AL
    
    September 2004
    
    
    28,200Orlando Fashion Square(1)
    
    Orlando, FL
    
    December 2004
    
    
    1,041,700Colonial Promenade Bardmoor
    
    St. Petersburg, FL
    
    March 2003
    
    
    152,700
 
 (1)
    
    Properties were partially owned entities accounted for on the equity basis of
accounting.(2)
    
    Square footage includes anchor-owned square footage.  75




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Accounting for the Impairment or Disposal of Long-Lived
Assets
   (amounts in thousands)Year Ended December 31,2005
    
    
    2004
    
    
    2003Property revenues:Base rent
    
    $
    52,056
    
    
    $
    47,068
    
    
    $
    47,241Percentage rent
    
    
    506
    
    
    
    1,035
    
    
    
    1,053Tenant recoveries
    
    
    4,318
    
    
    
    10,215
    
    
    
    10,892Other property revenue
    
    
    5,093
    
    
    
    4,381
    
    
    
    5,315Total property revenues
    
    
    61,973
    
    
    
    62,699
    
    
    
    64,501Property operating and maintenance expense
    
    
    25,280
    
    
    
    21,201
    
    
    
    21,282Depreciation
    
    
    5,975
    
    
    
    12,276
    
    
    
    13,779Amortization
    
    
    6,089
    
    
    
    766
    
    
    
    697Total operating expenses
    
    
    37,344
    
    
    
    34,243
    
    
    
    35,758Interest expense
    
    
    (7,555
    )
    
    
    (5,660
    )
    
    
    (5,659
    )Interest income
    
    
    4
    
    
    
    2
    
    
    
    9Income (loss) from investments
    
    
    (626
    )
    
    
    627
    
    
    
    386Income from discontinued operations before net gain
on disposition of discontinued operations
    
    
    16,452
    
    
    
    23,425
    
    
    
    23,479Net gain on disposition of discontinued operations
    
    
    184,410
    
    
    
    17,574
    
    
    
    10,986Income from discontinued operations
    
    $
    200,862
    
    
    $
    40,999
    
    
    $
    34,465
 76




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##### Table of Contents



5. Land, Buildings, and Equipment
  (in thousands)Useful Lives
    
    2005
    
    
    2004Buildings
    
    20 to 40 years
    
    $
    3,001,370
    
    
    $
    2,031,570Furniture and fixtures
    
    5 or 7 years
    
    
    78,089
    
    
    
    73,506Equipment
    
    3 or 5 years
    
    
    33,603
    
    
    
    27,945Land improvements
    
    10 or 15 years
    
    
    172,953
    
    
    
    83,184Tenant improvements
    
    Life of lease
    
    
    177,938
    
    
    
    156,9293,463,953
    
    
    
    2,373,134Accumulated depreciation
    
    
    
    
    (453,365
    )
    
    
    (437,635
    )3,010,588
    
    
    
    1,935,499Real estate assets held
for sale, net
    
    
    
    
    367,372
    
    
    
    167,712Land
    
    
    
    
    510,967
    
    
    
    323,168$
    3,888,927
    
    
    $
    2,426,379
 6. Undeveloped Land and Construction in Progress
    77




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##### Table of Contents



Total
    
    
    
    
    
    
    
    
    
    
    CostsUnits/
    
    
    
    
    
    
    Estimated
    
    
    CapitalizedSquare
    
    
    Estimated
    
    
    Total Costs
    
    
    to DateFeet (1)
    
    
    Completion
    
    
    (in thousands)
    
    
    (in thousands)Multifamily Projects:Colonial Grand at Silverado Reserve
    
    
    238
    
    
    
    2006
    
    
    $
    23,200
    
    
    $
    19,760Colonial Grand at Round Rock
    
    
    422
    
    
    
    2006
    
    
    
    34,500
    
    
    
    20,305Colonial Grand at Canyon Creek
    
    
    336
    
    
    
    2006
    
    
    
    29,100
    
    
    
    6,568Colonial Grand at Double Creek
    
    
    300
    
    
    
    2007
    
    
    
    27,300
    
    
    
    3,882Colonial Grand at Ayrsley
    
    
    365
    
    
    
    2007
    
    
    
    33,100
    
    
    
    178Colonial Grand at Traditions
    
    
    320
    
    
    
    2007
    
    
    
    30,800
    
    
    
    2,800Office Projects:Northrop Grumman
    
    
    110,000
    
    
    
    2006
    
    
    
    17,300
    
    
    
    1,478Colonial Center TownPark 300
    
    
    150,000
    
    
    
    2006
    
    
    
    20,600
    
    
    
    3,760Retail Projects:Colonial Pinnacle Tutwiler Farm
    
    
    450,000
    
    
    
    2006
    
    
    
    36,000
    
    
    
    17,473Colonial Pinnacle Craft Farms
    
    
    440,000
    
    
    
    2007
    
    
    
    50,800
    
    
    
    14,264Colonial Promenade Fultondale
    
    
    257,000
    
    
    
    2007
    
    
    
    26,300
    
    
    
    1,985Colonial Promenade Alabaster II
    
    
    127,000
    
    
    
    2007
    
    
    
    21,600
    
    
    
    387For Sale Projects:Central Park
    
    
    212
    
    
    
    2006
    
    
    
    22,300
    
    
    
    5,133Colonial Traditions at Gulf Shores
    
    
    371
    
    
    
    2006
    
    
    
    20,000
    
    
    
    15,363Colonial Traditions at South Park
    
    
    48
    
    
    
    2007
    
    
    
    11,500
    
    
    
    2,014The Renwick
    
    
    85
    
    
    
    2007
    
    
    
    17,700
    
    
    
    4,075Other Projects and Undeveloped LandMansell Land and Infrastructure
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,306TownPark Land and Infrastructure
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,852Heathrow Land and Infras tructure
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,914Canal Place Land and Infrastructure
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,952Land
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16,168Other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,435Total Consolidated Construction in Progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    202,052Colonial
Pinnacle Turkey Creek (2)
    
    
    520,000
    
    
    
    2006
    
    
    
    37,900
    
    
    
    25,949Total Construction in Progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    228,001
 
 (1)
    
    Square footage includes anchor-owned square footage.(2)
    
    Represents 50% of the costs. CRLP is a 50% equity partner in this development.  7. Investment in Partially Owned Entities and Other Arrangements
 Investments in Consolidated Partially Owned Entities
  78




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Investments in Unconsolidated Partially Owned Entities
  Percent
    
    
    (in thousands)Owned
    
    
    2005
    
    
    2004Multifamily:Arbors at Windsor Lake, Columbia, SC
    
    
    10.00
    %
    
    $
    716
    
    
    $
    CMS/Colonial Joint Venture I
    
    
    15.00
    %
    
    
    944
    
    
    
    1,435CMS/Colonial Joint Venture II
    
    
    15.00
    %
    
    
    597
    
    
    
    670CMS Florida
    
    
    25.00
    %
    
    
    2,721
    
    
    
    2,925CMS Tennessee
    
    
    25.00
    %
    
    
    2,377
    
    
    
    2,727DRA Alabama
    
    
    10.00
    %
    
    
    2,403
    
    
    
    2,500DRA Cunningham, Austin, TX
    
    
    20.00
    %
    
    
    1,111
    
    
    
    1,266DRA Southwest Partnership
    
    
    20.00
    %
    
    
    18,044
    
    
    
    19,022DRA The Grove at Riverchase, Birmingham, AL
    
    
    20.00
    %
    
    
    1,788
    
    
    
    CG at Research Park, Durham, NC
    
    
    20.00
    %
    
    
    1,570
    
    
    
    Carter Regents Park (Develop ment), Atlanta, GA
    
    
    40.00
    %
    
    
    3,000
    
    
    
    Merritt at Godley Station, Pooler, GA
    
    
    35.00
    %
    
    
    3,188
    
    
    
    Stone Ridge, Columbia, SC
    
    
    10.00
    %
    
    
    497
    
    
    
    38,956
    
    
    
    30,545Office:DRA/Colonial Office JV
    
    
    15.00
    %
    
    
    46,896
    
    
    
    600 Building Partnership, Birmingham, AL
    
    
    33.33
    %
    
    
    11
    
    
    
    (16
    )Douglas HCI
    
    
    25.00
    %
    
    
    5,807
    
    
    
    6,45752,714
    
    
    
    6,441Retail:Colonial Promenade M adison, Huntsville, AL
    
    
    25.00
    %
    
    
    2,255
    
    
    
    2,298GPT/Colonial Retail JV
    
    
    10.00
    %
    
    
    (2,311
    ) (1)
    
    
    Highway 150, LLC, Birmingham, AL
    
    
    10.00
    %
    
    
    80
    
    
    
    94Parkway Place Limited Partnership, Huntsville, AL
    
    
    45.00
    %
    
    
    12,984
    
    
    
    12,554Turkey Creek, Parkside Drive LLC Partnership
    
    
    50.00
    %
    
    
    18,987
    
    
    
    13,50231,995
    
    
    
    28,448Other:Colonial/Polar-BEK Management Company,
Birmingham, AL
    
    
    50.00
    %
    
    
    30
    
    
    
    32Other
    
    
    
    
    
    
    5
    
    
    
    635
    
    
    
    38$
    123,700
    
    
    $
    65,472
 
 (1)
    
    Amount represents the value of CRLPs investment of approximately $8.0 million,
offset by the excess basis difference
on the transaction of approximately $10.3 million, which will be amortized over the
life of the investment.  79




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(in thousands)
    
    December 31,2005
    
    
    2004Balance SheetAssetsLand, building, & equipment, net
    
    $
    2,631,923
    
    
    $
    723,370Construction in progress
    
    
    40,762
    
    
    
    17,728Other assets
    
    
    364,214
    
    
    
    78,722Total assets
    
    $
    3,036,899
    
    
    $
    819,820Liabilities
and Partners EquityNotes payable(1)
    
    $
    2,312,003
    
    
    $
    613,062Other liabilities
    
    
    62,184
    
    
    
    24,766Partners Equity
    
    
    662,712
    
    
    
    181,992Total liabilities and partners capital
    
    $
    3,036,899
    
    
    $
    819,820
 Statement of Operations
 (for the year ended)
    
    2005
    
    
    2004
    
    
    2003Revenues
    
    $
    168,108
    
    
    $
    72,187
    
    
    $
    51,571Operating expenses
    
    
    (70,155
    )
    
    
    (30,055
    )
    
    
    (21,742
    )Interest expense
    
    
    (55,886
    )
    
    
    (20,323
    )
    
    
    (15,938
    )Depreciation, amortization and other
    
    
    (49,711
    )
    
    
    (3,319
    )
    
    
    (12,472
    )Net income
    
    $
    (7,644
    )
    
    $
    18,490
    
    
    $
    1,419
 
 (1)
    
    CRLPs portion of indebtedness, as calculated based on ownership percentage, at
December 31, 2005 and 2004 is $373.1 million and $111.6 million, respectively. 8. Segment Information
  82




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For the Year Ended(in thousands)
    
    2005
    
    
    2004
    
    
    2003Revenues:Divisional RevenuesMultifamily
    
    $
    279,744
    
    
    $
    123,396
    
    
    $
    98,929Office
    
    
    133,368
    
    
    
    98,680
    
    
    
    93,501Retail
    
    
    159,460
    
    
    
    169,126
    
    
    
    156,799Total Divisional Revenues:
    
    
    572,572
    
    
    
    391,202
    
    
    
    349,229Partially-owned subsidiaries
    
    
    (30,332
    )
    
    
    (18,194
    )
    
    
    (16,258
    )Unallocated corporate revenues
    
    
    15,176
    
    
    
    7,321
    
    
    
    3,826Discontinued operations revenues
    
    
    (61,973
    )
    
    
    (62,699
    )
    
    
    (64,501
    )Total Consolidated Revenues:
    
    $
    495,443
    
    
    $
    317,630
    
    
    $
    272,296NOI:Divisional NOIMultifamily
    
    $
    166,972
    
    
    $
    75,280
    
    
    $
    61,870Office
    
    
    90,275
    
    
    
    69,947
    
    
    
    65,820Retail
    
    
    112,103
    
    
    
    118,366
    
    
    
    109,158Total Divisional NOI:
    
    
    369,350
    
    
    
    263,593
    
    
    
    236,848Partially-owned subsidiaries
    
    
    (17,784
    )
    
    
    (10,611
    )
    
    
    (9,420
    )Unallocated corporate revenues
    
    
    15,176
    
    
    
    7,321
    
    
    
    3,826Discontinued operations NOI
    
    
    (36,693
    )
    
    
    (41,498
    )
    
    
    (43,219
    )General and administrative expenses
    
    
    (42,040
    )
    
    
    (27,287
    )
    
    
    (19,481
    )Depreciation
    
    
    (129,954
    )
    
    
    (79,344
    )
    
    
    (66,982
    )Amortization
    
    
    (51,769
    )
    
    
    (8,681
    )
    
    
    (7,356
    )Other
    
    
    (380
    )
    
    
    81
    
    
    
    (11
    )Income from operations
    
    
    105,906
    
    
    
    103,574
    
    
    
    94,205Total other expense
    
    
    (17,469
    )
    
    
    (66,979
    )
    
    
    (53,888
    )Income before minority interest and
discontinued operations
    
    $
    88,437
    
    
    $
    36,595
    
    
    $
    40,317(in thousands)Assets:Divisional AssetsMultifamily
    
    $
    2,374,650
    
    
    $
    937,935Office
    
    
    958,131
    
    
    
    632,010Retail
    
    
    790,827
    
    
    
    1,082,517Total Divisional Assets:
    
    
    4,123,608
    
    
    
    2,652,462Unallocated corporate assets(1)
    
    
    375,619
    
    
    
    148,862$
    4,499,227
    
    
    $
    2,801,324
 
 (1)
    
    Includes CRLPs investment in joint ventures of $123,700 and $65,472 as of December 31,
2005 and 2004, respectively (see Note 7). 83




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9. Notes and Mortgages Payable
  (in thousands)2005
    
    
    2004Unsecured credit facility
    
    
    210,228
    
    
    $
    $239,970Bridge credit facility
    
    
    
    
    
    
    119,000Mortgages and other notes:2.00% to 6.00%
    
    
    930,453
    
    
    
    329,8356.01% to 7.50%
    
    
    1,143,695
    
    
    
    957,5197.51% to 9.00%
    
    
    209,974
    
    
    
    209,463$
    2,494,350
    
    
    $
    1,855,787
        84




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GrossType of
    
    
    
    
    
    
    
    ProceedsIssue Date
    
    Note
    
    Maturity
    
    Rate
    
    
    (in thousands)January 2005
    
    Senior
    
    February 2010
    
    
    4.75
    %
    
    $
    275,000September 2005
    
    Senior
    
    October 2015
    
    
    5.50
    %
    
    
    325,000April 2004
    
    Senior
    
    April 2011
    
    
    4.80
    %
    
    
    100,000June 2004
    
    Senior
    
    June 2014
    
    
    6.25
    %
    
    
    300,000$
    1,000,000
   (in thousands)2006
    
    $
    86,9822007
    
    
    180,0172008
    
    
    258,1142009
    
    
    49,2032010
    
    
    367,483Thereafter
    
    
    1,552,552$
    2,494,350
   10. Derivative Instruments
 Accounting for Derivative Instruments and Hedging Activities
   85




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Fair ValueAt December 31, 2005Interest
    
    
    
    
    
    
    Asset (Liability)Product Type
    
    Notional Value
    
    Rate
    
    
    Maturity
    
    
    (in thousands)Interest Rate SWAP, Cash Flow
    
    $11.2 million
    
    
    5.932
    %
    
    
    1/1/06
    
    
    $
    (15
    )Interest Rate CAP, Cash Flow
    
    $16.4 million
    
    
    4.840
    %
    
    
    4/1/06
    
    
    
    Interest Rate CAP, Cash Flow
    
    $25.9 million
    
    
    4.840
    %
    
    
    4/1/06
    
    
    
    Interest Rate CAP, Cash Flow
    
    $8.4 million
    
    
    4.840
    %
    
    
    4/1/06
    
    
    
    Interest Rate CAP, Cash Flow
    
    $30.4 million
    
    
    11.200
    %
    
    
    7/3/06
    
    
    
    Interest Rate CAP, Cash Flow
    
    $19.7 million
    
    
    6.850
    %
    
    
    6/29/07
    
    
    
    1Interest Rate CAP, Cash Flow
    
    $16.7 million
    
    
    6.850
    %
    
    
    7/3/07
    
    
    
    1Interest Rate CAP, Cash Flow
    
    $12.8 million
    
    
    6.000
    %
    
    
    7/1/08
    
    
    
    1Interest Rate CAP, Cash Flow
    
    $22.4 million
    
    
    6.000
    %
    
    
    7/1/08
    
    
    
    1Interest Rate CAP, Cash Flow
    
    $9.9 million
    
    
    6.000
    %
    
    
    7/1/08
    
    
    
    1Interest Rate CAP, Cash Flow
    
    $10.0 million
    
    
    8.373
    %
    
    
    8/1/08
    
    
    
    1Interest Rate CAP, Cash Flow
    
    $14.9 million
    
    
    7.543
    %
    
    
    8/1/08
    
    
    
    3Interest Rate CAP, Cash Flow
    
    $7.4 million
    
    
    6.983
    %
    
    
    8/1/08
    
    
    
    3Interest Rate CAP, Cash Flow
    
    $6.2 million
    
    
    8.373
    %
    
    
    8/1/08
    
    
    
    Interest Rate CAP, Cash Flow
    
    $13.3 million
    
    
    6.786
    %
    
    
    9/1/08
    
    
    
    8Interest Rate CAP, Cash Flow
    
    $5.5 million
    
    
    7.900
    %
    
    
    2/1/09
    
    
    
    2Interest Rate CAP, Cash Flow
    
    $17.6 million
    
    
    8.100
    %
    
    
    2/1/09
    
    
    
    4Interest Rate SWAP, Fair Value
    
    $100.0 million
    
    
    4.803
    %
    
    
    4/1/11
    
    
    
    325Interest Rate SWAP, Cash Flow
    
    $200.0 million
    
    
    4.830
    %
    
    
    2/15/16
    
    
    
    1,532Interest Rate SWAP, Cash Flow
    
    $175.0 million
    
    
    4.877
    %
    
    
    7/13/17
    
    
    
    1,153
   86




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##### Table of Contents



11. Capital Structure
   (in thousands)Redemption
Value, December 31, 2004
    
$
    407,334Net income
available to common unitholders allocated to limited partners
    

    56,578Issuance of
common units in connection with Cornerstone acquisition
    

    23,788Adjustment
of limited partner common equity to redemption value
    
    
    (31,270
)Redemption
value, December 31, 2005
    
$
    456,430
   12. Cash Contributions
     87




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##### Table of Contents



13. Share Option and Restricted Share Plans
    Accounting for Stock-Based Compensation  Transition and Disclosure  an amendment of SFAS
No. 123
 Accounting for Stock-Based Compensation
 88




---



##### Table of Contents



(in thousands, except per unit data)For the Year Ending December 31,2005
    
    
    2004
    
    
    2003Net income available to common unitholders:As reported
    
    $
    197,250
    
    
    $
    39,837
    
    
    $
    32,530Pro forma
    
    $
    196,888
    
    
    $
    39,482
    
    
    $
    32,104Net income per unit  basic:As reported
    
    $
    5.18
    
    
    $
    1.47
    
    
    $
    1.30Pro forma
    
    $
    5.17
    
    
    $
    1.46
    
    
    $
    1.29Net income per unit  diluted:As reported
    
    $
    5.13
    
    
    $
    1.45
    
    
    $
    1.29Pro forma
    
    $
    5.12
    
    
    $
    1.44
    
    
    $
    1.27
   Options OutstandingShares Available
    
    
    
    
    
    
    Weighted-averagefor future
    
    
    
    
    
    
    Price perOption Grant
    
    
    Shares
    
    
    ShareBalance, December 31, 2002
    
    
    1,836,544
    
    
    
    1,541,270
    
    
    $
    28.88Options granted
    
    
    (514,592
    )
    
    
    514,592
    
    
    $
    33.46Options terminated
    
    
    80,043
    
    
    
    (80,043
    )
    
    $
    29.65Options exercised
    
    
    
    
    
    
    (83,861
    )
    
    $
    27.84Balance, December 31, 2003
    
    
    1,401,995
    
    
    
    1,891,958
    
    
    $
    27.86Options granted
    
    
    (99,960
    )
    
    
    99,960
    
    
    $
    36.24Options terminated
    
    
    72,770
    
    
    
    (72,770
    )
    
    $
    32.09Options exercised
    
    
    
    
    
    
    (344,377
    )
    
    $
    29.38Balance, December 31, 2004
    
    
    1,374,805
    
    
    
    1,574,771
    
    
    $
    30.66Options granted
    
    
    (156,832
    )
    
    
    156,832
    
    
    $
    38.05Options terminated
    
    
    49,052
    
    
    
    (49,052
    )
    
    $
    27.14Options exercised
    
    
    
    
    
    
    (115,103
    )
    
    $
    30.85Balance, December 31, 2005
    
    
    1,267,025
    (1)
    
    
    1,567,448
    
    
    $
    31.49
 
 (1)
    
    The balance available for future grant as of December 31, 2005 does not include an
additional 2.6 million shares available to be issued based on the Trusts Employee Plan which
authorizes the issuance of shares up to 10% of the number of Trust common shares and CRLP units
outstanding.  14. Employee Benefits
 Noncontributory Defined Benefit Pension Plan
   89




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##### Table of Contents



2005
    
    
    2004Change in benefit obligationBenefit obligation at beginning of year
    
    $
    11,436,525
    
    
    $
    9,280,600Service cost
    
    
    994,596
    
    
    
    887,521Interest cost
    
    
    683,001
    
    
    
    590,066Plan amendments
    
    
    
    
    
    
    Benefits paid
    
    
    (117,515
    )
    
    
    (77,776
    )Actuarial (gain) loss
    
    
    1,879,527
    
    
    
    756,114Benefit obligation at end of year
    
    $
    14,876,134
    
    
    $
    11,436,525Change in plan assetsFair value of plan assets at beginning of year
    
    $
    7,525,075
    
    
    $
    5,053,759Actual return on plan assets
    
    
    438,994
    
    
    
    567,982Employer contributions
    
    
    884,888
    
    
    
    1,981,110Benefits paid
    
    
    (117,515
    )
    
    
    (77,776
    )Fair value of plan assets at end of year
    
    $
    8,731,442
    
    
    $
    7,525,075Fair value of plan assets
    
    $
    8,731,442
    
    
    $
    7,525,075Benefit obligation
    
    
    14,876,134
    
    
    
    11,436,525Funded status
    
    
    (6,144,692
    )
    
    
    (3,911,450
    )Unrecognized net (gain) loss
    
    
    4,031,516
    
    
    
    2,028,776Unrecognized prior service cost
    
    
    42,178
    
    
    
    50,175Net amount recognized
    
    $
    (2,070,998
    )
    
    $
    (1,832,499
    )
  2005
    
    
    2004Prepaid benefit cost
    
    $
    
    
    
    $
    Accrued benefit cost
    
    
    (2,352,313
    )
    
    
    (1,832,499
    )Intangible Asset
    
    
    42,178
    
    
    
    Accumulated other comprehensive income
    
    
    239,137
    
    
    
    Net amount recognized
    
    $
    (2,070,998
    )
    
    $
    (1,832,499
    )
  2005
    
    
    2004Components of net periodic benefit costService cost
    
    $
    994,596
    
    
    $
    887,521Interest cost
    
    
    683,001
    
    
    
    590,066Expected return on plan assets
    
    
    (642,673
    )
    
    
    (475,074
    )Amortization of prior service cost
    
    
    7,997
    
    
    
    7,997Amortization of net (gain) loss
    
    
    80,466
    
    
    
    62,717Net periodic benefit cost
    
    $
    1,123,387
    
    
    $
    1,073,227Additional informationAccumulated benefit obligation
    
    $
    11,083,755
    
    
    $
    8,748,637
  90




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##### Table of Contents



2005
    
    
    2004Weighted-average assumptions used to determine
benefit obligations at December 31Discount rate
    
    
    5.50
    %
    
    
    6.00
    %Rate of compensation increase
    
    
    3.00
    %
    
    
    3.00
    %Weighted-average assumptions used to determine
net cost for years ended December 31Discount rate
    
    
    6.00
    %
    
    
    6.25
    %Expected long-term rate of return on plan assets
    
    
    8.00
    %
    
    
    8.00
    %Rate of compensation increase
    
    
    3.00
    %
    
    
    3.00
    %
  Percentage of Plan Assets atDecember 31,Asset Category
    
    2005
    
    
    2004Equity Securities
    
    
    57
    %
    
    
    51
    %Debt Securities
    
    
    33
    %
    
    
    47
    %Real estate
    
    
    5
    %
    
    
    0
    %Other
    
    
    5
    %
    
    
    2
    %Total
    
    
    100
    %
    
    
    100
    %
   Employer
    
    
    EmployeeContributions2004
    
    $
    1,981,110
    
    
    $
    2005
    
    $
    884,888
    
    
    $
    Benefit payments2004
    
    $
    77,7762005
    
    $
    117,515
  Estimated Future Benefit Payments
2006
    
    $
    107,9152007
    
    
    112,3062008
    
    
    127,2852009
    
    
    162,0772010
    
    
    194,540Thereafter
    
    
    2,922,646
 401k Plan
  91




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##### Table of Contents



15. Leasing Operations
  (in thousands)2006
    
    $
    224,9422007
    
    
    202,0072008
    
    
    174,7432009
    
    
    149,0032010
    
    
    123,400Thereafter
    
    
    340,458$
    1,214,553
   16. Commitments, Contingencies, Guarantees and Other Arrangements
 Commitments and Contingencies
  Guarantees and Other Arrangements
    92




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##### Table of Contents



17. Related Party Transactions
      93




---



##### Table of Contents



18. Subsequent Events
 Acquisitions
    Property Dispositions
  Sales PriceProperty Name
    
    Location
    
    Units
    
    
    (in millions)The Timbers
    
    Raleigh, NC
    
    
    176
    
    
    $
    7.6CV at Remington Place
    
    Raleigh, NC
    
    
    136
    
    
    
    7.9Summerwalk
    
    Charlotte, NC
    
    
    160
    
    
    
    8.2CV at Paces Glen
    
    Charlotte, NC
    
    
    172
    
    
    
    6.0CV at Stone Brook
    
    Atlanta, GA
    
    
    188
    
    
    
    9.4CG at Whitemarsh
    
    Savannah, GA
    
    
    352
    
    
    
    38.7CV at Caledon Woods
    
    Greenville, SC
    
    
    350
    
    
    
    22.9$
    100.7
   94




---



##### Table of Contents



Financing activity
  Distribution
  Preferred Share Buyback
  19. Quarterly Financial Information (Unaudited)
  (in thousands, except per unit data)
 First
    
    Second
    
    Third
    
    Fourth2005
    
    Quarter
    
    Quarter
    
    Quarter
    
    QuarterRevenues
    
    $
    90,818
    
    
    $
    129,182
    
    
    $
    135,025
    
    
    $
    140,418Income (loss) from continuing operations
    
    
    3,540
    
    
    
    (12,365
    )
    
    
    (6,885
    )
    
    
    98,317Income from discontinued operations
    
    
    97,846
    
    
    
    30,385
    
    
    
    68,063
    
    
    
    4,568Net income
    
    
    101,387
    
    
    
    18,020
    
    
    
    61,178
    
    
    
    102,884Preferred dividends
    
    
    (5,506
    )
    
    
    (8,045
    )
    
    
    (8,045
    )
    
    
    (8,045
    )Net income available to common unitholders
    
    
    95,881
    
    
    
    9,975
    
    
    
    53,133
    
    
    
    94,839Net income per unit:Basic
    
    $
    2.51
    
    
    $
    0.20
    
    
    $
    1.07
    
    
    $
    1.71Diluted
    
    $
    2.51
    
    
    $
    0.20
    
    
    $
    1.07
    
    
    $
    1.69Weighted average common units outstanding:Basic
    
    
    38,162
    
    
    
    50,353
    
    
    
    51,332
    
    
    
    55,751Diluted
    
    
    38,162
    
    
    
    50,353
    
    
    
    51,332
    
    
    
    56,195
 95




---



##### Table of Contents



First
    
    Second
    
    Third
    
    FourthQuarter
    
    Quarter
    
    Quarter
    
    Quarter2004Revenues
    
    $
    70,576
    
    
    $
    74,017
    
    
    $
    81,751
    
    
    $
    91,286Income from continuing operations
    
    
    9,592
    
    
    
    9,032
    
    
    
    5,681
    
    
    
    12,010Income from discontinued operations
    
    
    14,749
    
    
    
    5,381
    
    
    
    6,671
    
    
    
    14,198Net income
    
    
    24,341
    
    
    
    14,413
    
    
    
    12,352
    
    
    
    26,208Preferred dividends
    
    
    (5,751
    )
    
    
    (5,508
    )
    
    
    (5,508
    )
    
    
    (5,508
    )Net income available to common unitholders
    
    
    18,590
    
    
    
    8,905
    
    
    
    6,844
    
    
    
    20,700Net income per unit:Basic
    
    $
    0.50
    
    
    $
    0.24
    
    
    $
    0.18
    
    
    $
    0.55Diluted
    
    $
    0.50
    
    
    $
    0.24
    
    
    $
    0.18
    
    
    $
    0.54Weighted average common units outstanding:Basic
    
    
    37,031
    
    
    
    37,447
    
    
    
    37,597
    
    
    
    37,790Diluted
    
    
    37,406
    
    
    
    37,740
    
    
    
    37,960
    
    
    
    38,162
 96




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
   Consolidated financial statements and financial statement schedules
 
 Internal control over financial reporting
 Internal
Control  Integrated Framework Internal Control  Integrated Framework
   
 97




---



##### Table of Contents



Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
  
 Item 9A. Controls and Procedures.
 Evaluation of Disclosure Controls and Procedure
  Changes in Internal Control Over Financial Reporting
  Managements Report on Internal Control Over Financial Reporting
      
 Item 9B. Other Information.
  98




---



##### Table of Contents



PART III
 
 Item 10. Trustees and Executive Officers of the Registrant.
  
 Item 11. Executive Compensation.
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
      Name and Business Address
    
    Number of
    
    Percent ofof Beneficial Owner
    
    Units
    
    Units (1)Colonial Properties Trust
    
    
    45,219,158
    
    
    
    80.7
    %Thomas H. Lowder
    
    
    2,938,373
    (2)
    
    
    5.2
    %James K. Lowder
    
    
    1,925,397
    (3)
    
    
    3.4
    %2000 Interstate Parkway Suite 400
Montgomery, Alabama 36104

Carl F. Bailey
    
    
    17,595
    
    
    
    *M. Miller Gorrie
    
    
    266,523
    (4)
    
    
    *William M. Johnson
    
    
    522,147
    (5)
    
    
    *Glade M. Knight
    
    
    
    
    
    
    *Herbert A. Meisler
    
    
    544,529
    (6)
    
    
    1.0
    %Claude B. Nielsen
    
    
    5,865
    
    
    
    *Harold W. Ripps
    
    
    1,925,975
    
    
    
    3.4
    %Donald T. Senterfitt
    
    
    
    
    
    
    *John W. Spiegel
    
    
    
    
    
    
    *C. Reynolds Thompson, III
    
    
    17,595
    
    
    
    *Weston M. Andress
    
    
    
    
    
    
    *Robert A. Jackson
    
    
    17,595
    
    
    
    *Paul F. Earle
    
    
    17,595
    
    
    
    *All executive officers and trustees as a group
(18 persons)
    
    
    6,864,983
    (7)
    
    
    12.2
    %
 
 *
    
    Less than 1%(1)
    
    The number of units outstanding as of March 8, 2006 was 56,072,687.(2)
    
    Includes 466,521 units owned by Thomas Lowder, 89,285 units owned by Thomas Lowder
Investments, LLC, 1,369,396 units owned by Colonial Commercial Investments, Inc. (CCI),
1,012,976 units owned by EPJV and 195 units held in trust for the benefit of Thomas Lowders
children. Units owned by CCI are reported twice in this table, once as beneficially owned by
Thomas H. Lowder and again as beneficially owned by James K. Lowder. 99




---



##### Table of Contents



(3)
    
    Includes 466,521 units owned by James Lowder, 89,285 units owned by James Lowder Investments,
LLC, 1,369,396 units owned by CCI and 195 units held in trust for the benefit of James K.
Lowders children.(4)
    
    Includes 157,140 units owned by MJE, LLC., and 109,383 units owned by Mr. Gorrie.(5)
    
    Includes 447,642 units owned by Mr. Johnson, 74,505 units owned by William M. Johnson
Investments I, LLP, an entity controlled by Mr. Johnson.(6)
    
    Includes 526,934 units owned by Meisler Enterprises L.P., a limited partnership of which Mr.
Meisler and his wife are sole partners, and 17,595 units directly owned by Mr. Meisler.(7)
    
    Units held by CCI have been counted only once for this purpose.  Number of securities remainingNumber of securities to be
    
    
    Weighted-average
    
    
    available for future issuanceissued upon exercise of
    
    
    exercise price of
    
    
    under equity compensation plansoutstanding options, warrants
    
    
    outstanding options,
    
    
    (excluding securities reflected inPlan Category
    
    and rights (a)
    
    
    warrants and rights (b)
    
    
    column (a))Equity compensation
plans approved by
security holders
(1)
    
    
    1,725,280
    (2)
    
    $
    31.49
    (3)
    
    
    3,863,459Equity compensation
plans not approved
by security holders
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    1,725,280
    
    
    $
    31.49
    
    
    
    3,863,459
 
 (1)
    
    These plans include the Trusts second Amended and Restated Employee Share Option and
Restricted Share Plan, as amended in 1998, the Trusts Non-Employee Trustee Share Plan, as
amended in 1997, and our Trustee Share Option Plan, as amended in 1997.(1)
    
    Includes 157,832 restricted shares and performance-based restricted shares that had not vested
as of December 31, 2005.(2)
    
    Weighted-average exercise price of outstanding options; excludes value of outstanding
restricted shares. 
 Item 13. Certain Relationships and Related Transactions.
  
 Item 14. Principal Accountant Fees and Services.
  
 Part IV
 
 Item 15.
Exhibits and Financial Statement Schedules
 15(a)(1) Financial Statements
        100




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##### Table of Contents



15(a)(2) Financial Statement Schedules
   15(a)(3) Exhibits
 Exhibit No.
    
    Exhibit
    
    Reference2.1
    
    Agreement and Plan of Merger by and
among the Trust, CLNL Acquisition
Sub LLC and Cornerstone Realty
Income Trust, Inc.
    
    Incorporated by
reference to
Exhibit 2.1 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on October 28, 20042.2
    
    Form of Plan of Merger merging
Cornerstone Realty Income Trust,
Inc. into CLNL Acquisition Sub LLC
    
    Incorporated by
reference to
Exhibit B to
Exhibit 2.2 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on January 25, 20052.3
    
    Amendment No. 1 to Agreement and
Plan of Merger by and among the
Trust, CLNL Acquisition Sub LLC and
Cornerstone Realty Income Trust,
Inc.
    
    Incorporated by
reference to
Exhibit 2.2 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on January 25, 20052.4
    
    Acquisition and Contribution
Agreement and Joint Escrow
Instructions dated September 16,
2005 by and among Marelda Retail
Development LLC and CRLP, and
amendments thereto
    
    Incorporated by
reference to
Exhibit 2.1 to
CRLPs Current
Report on Form 8-K
filed with the SEC
on November 30,
20052.5
    
    Acquisition and Contribution
Agreement and Joint Escrow
Instructions dated September 16,
2005 by and among Marelda Retail
Development LLC and CRLP, and
amendments thereto
    
    Incorporated by
reference to
Exhibit 2.2 to
CRLPs Current
Report on Form 8-K
filed with the SEC
on November 30,
20053.1
    
    Third Amended and Restated Agreement
of Limited Partnership of CRLP, as
amended
    
    Incorporated by
reference to
Exhibit 10.1 to the
Trusts Annual
Report on Form 10-K
for the period
ending December 31,
19993.2
    
    Fifth Amendment to Third Amended and
Restated Agreement of Limited
Partnership of CRLP
    
    Incorporated by
reference to
Exhibit 10.2 to the
Trusts Annual
Report on Form 10-K
for the period
ending December 31,
20033.3
    
    Sixth Amendment to Third Amended and
Restated Agreement of Limited
Partnership of CRLP
    
    Incorporated by
reference to
Exhibit 10.3 to the
Trusts Annual
Report on Form 10-K
for the period
ending December 31,
20033.4
    
    Seventh Amendment to Third Amended
and Restated Agreement of Limited
Partnership of CRLP
    
    Incorporated by
reference to
Exhibit 10.4 to the
Trusts Annual
Report on Form 10-K
for the period
ending December 31,
20033.4.1
    
    Eighth Amendment to Third Amended
and Restated Agreement of Limited
Partnership of CRLP
    
    Incorporated by
reference to
Exhibit 10.4.1 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
20043.4.2
    
    Ninth Amendment to Third Amended and
Restated Agreement of Limited
Partnership of CRLP
    
    Incorporated by
reference to
Exhibit 10.2 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on April 7, 20053.5
    
    Declaration of Trust of the Trust
    
    Incorporated by
reference to
Exhibit 3 to the
Trusts Form 8-K
dated November 5,
19973.6
    
    Articles Supplementary of 8 3/4%
Series A Cumulative Redeemable
Preferred Shares of Beneficial
Interest of the Trust
    
    Incorporated by
reference to
Exhibit 3 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on November 5, 19973.7
    
    Articles Supplementary of Series
1998 Junior Participating Preferred
Shares of Beneficial Interest of the
Trust
    
    Incorporated by
reference to
Exhibit 4.2 to the
Trusts Annual
Report on Form 10-K
for the period
ending December 31,
1998
 3.8
    
    Articles Supplementary of 8.875%
Series B Cumulative Redeemable
Perpetual Preferred Shares of the
Trust
    
    Incorporated by
reference to
Exhibit 4.3 to the
Trusts Annual
Report on Form 10-K
for the period
ending December 31,
19983.9
    
    Articles Supplementary of 7.25%
Series B Cumulative Redeemable
Perpetual Preferred Shares of the
Trust
    
    Incorporated by
reference to
Exhibit 3.5 to the
Trusts Annual
Report on Form 10-K
for the period
ending December 31,
20033.10
    
    Articles Supplementary of 9.25%
Series C Cumulative Redeemable
Preferred Shares of Beneficial
Interest of the Trust
    
    Incorporated by
reference to
Exhibit 3 to the
Trusts Form 8-K
dated June 19, 20013.11
    
    Articles Supplementary of 8 1/8%
Series D Cumulative Redeemable
Preferred Shares of Beneficial
Interest of the Trust
    
    Incorporated by
reference to
Exhibit 3.1 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on April 29, 20033.12
    
    Articles of Amendment to Declaration
of Trust of the Trust, dated May 11,
2004
    
    Incorporated by
reference to
Exhibit 3.8 to the
Trusts Annual
Report on Form 10-K
for the period
ending December 31,
20043.13
    
    Articles Supplementary Reclassifying
Preferred Shares
    
    Incorporated by
reference to
Exhibit 3.9 to the
Trusts Annual
Report on Form 10-K
for the period
ending December 31,
20043.14
    
    Form of Articles Supplementary of
7.62% Series E Cumulative Preferred
Shares of Beneficial Interest of the
Company
    
    Incorporated by
reference to
Exhibit 3.1 to the
Trusts
Registration
Statement on Form
8-A filed with the
SEC on February 7,
20053.15
    
    Articles of Amendment to Declaration
of Trust of the Trust, dated April
5, 2005
    
    Incorporated by
reference to
Exhibit 3.1 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on February 7, 20053.16
    
    Bylaws of the Trust
    
    Incorporated by
reference to
Exhibit 4.2 to the
Trusts
Registration
Statement on Form
S-3, No. 333-55078,
filed February 6,
20014.1
    
    Indenture dated as of July 22, 1996,
by and between CRLP and Deutsche
Bank Trust Company Americas
(formerly Bankers Trust Company)
    
    Incorporated by
reference to
Exhibit 4.1 to the
Form 10-K/A dated
October 10, 2003,
filed by CRLP4.2
    
    First Supplemental Indenture dated
as of December 31, 1998, by and
between CRLP and Deutsche Bank Trust
Company Americas (formerly Bankers
Trust Company)
    
    Incorporated by
reference to
Exhibit 10.13.1 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199810.1
    
    Registration Rights and Lock-Up
Agreement dated September 29, 1993,
among the Trust and the persons
named therein
    
    Incorporated by
reference to
Exhibit 10.2 to the
Trusts
Registration
Statement on Form
S-11/A, No.
33-65954, filed
September 21, 199310.2
    
    Registration Rights and Lock-Up
Agreement dated March 25, 1997,
among the Trust and the persons
named therein
    
    Incorporated by
reference to
Exhibit 10.2.2 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199710.3
    
    Registration Rights and Lock-Up
Agreement dated November 4, 1994,
among the Trust and the persons
named therein
    
    Incorporated by
reference to
Exhibit 10.2.3 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
1997
 10.4
    
    Supplemental Registration Rights and
Lock-Up Agreement dated August 20,
1997, among the Trust and the
persons named therein
    
    Incorporated by
reference to
Exhibit 10.2.4 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199710.5
    
    Supplemental Registration Rights and
Lock-Up Agreement dated November 1,
1997, among the Trust, CRLP and B&G
Properties Company LLP
    
    Incorporated by
reference to
Exhibit 10.2.5 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199710.6
    
    Supplemental Registration Rights and
Lock-Up Agreement dated July 1,
1997, among the Trust, CRLP and
Colonial Commercial Investments,
Inc.
    
    Incorporated by
reference to
Exhibit 10.2.6 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199710.7
    
    Supplemental Registration Rights and
Lock-Up Agreement dated July 1,
1996, among the Trust and the
persons named therein
    
    Incorporated by
reference to
Exhibit 10.2.7 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199710.8
    
    Registration Rights Agreement dated
February 23, 1999, among the Trust,
Belcrest Realty Corporation, and
Belair Real Estate Corporation
    
    Incorporated by
reference to
Exhibit 10.2.8 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199810.9
    
    Registration Rights and Lock-Up
Agreement dated July 1, 1998, among
the Trust and the persons named
therein
    
    Incorporated by
reference to
Exhibit 10.2.9 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199810.10
    
    Registration Rights and Lock-Up
Agreement dated July 31, 1997, among
the Trust and the persons named
therein
    
    Incorporated by
reference to
Exhibit 10.2.10 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199810.11
    
    Supplemental Registration Rights and
Lock-Up Agreement dated November 18,
1998, among the Trust, CRLP and
Colonial Commercial Investments,
Inc.
    
    Incorporated by
reference to
Exhibit 10.2.11 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199810.12
    
    Registration Rights and Lock-Up
Agreement dated December 29, 1994,
among the Trust and the persons
named therein
    
    Incorporated by
reference to
Exhibit 10.2.12 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199810.13
    
    Registration Rights and Lock-Up
Agreement dated April 30, 1999,
among the Trust, CRLP and MJE,
L.L.C.
    
    Incorporated by
reference to
Exhibit 10.2.13 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199910.14
    
    Second Amended and Restated Employee
Share Option and Restricted Share
Plan 
    
    Incorporated
by reference to
Exhibit 10.18 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
200310.14.1
    
    Form of Employee Share Option
and Restricted Share Plan Agreement
 2 Year Vesting 
    
    Incorporated
by reference to
Exhibit 10.18.1 to
the Trusts
Quarterly Report on
Form 10-Q for the
period ending
September 30, 200410.14.2
    
    Form of Employee Share Option
and Restricted Shares Plan Agreement
 3 Year Vesting 
    
    Incorporated
by reference to
Exhibit 10.18.2 to
the Trusts
Quarterly Report on
Form 10-Q for the
period ending
September 30, 200410.14.3
    
    Form of Employee Share Option
and Restricted Shares Plan Agreement
 5 Year Vesting 
    
    Incorporated
by reference to
Exhibit 10.18.3 to
the Trusts
Quarterly Report on
Form 10-Q for the
period ending
September 30, 2004
 10.14.4
    
    Form of Employee Share Option
and Restricted Shares Plan Agreement
 8 Year Vesting 
    
    Incorporated
by reference to
Exhibit 10.18.4 to
the Trusts
Quarterly Report on
Form 10-Q for the
period ending
September 30, 200410.15
    
    Employee Share Purchase Plan 
    
    Incorporated
by reference to
Exhibit 10.21 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
200310.16
    
    Annual Incentive Plan 
    
    Incorporated
by reference to
Exhibit 10.16 to
the Trusts
Registration
Statement on Form
S-11/A, No.
33-65954, filed
with the SEC on
September 3, 199310.17
    
    Executive Unit Purchase Program 
Program Summary 
    
    Incorporated
by reference to
Exhibit 10.15 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199910.18
    
    Employment Agreement between the
Trust, CRLP and Thomas H. Lowder

    
    Incorporated
by reference to
Exhibit 10.6 to the Trusts
Registration
Statement on Form
S-11/A, No.
33-65954, filed
with the SEC
September 21, 199310.19
    
    Retirement Agreement between the
Trust and Howard B. Nelson, Jr.
    
    Incorporated by
reference to
Exhibit 10.26 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
200310.20
    
    Officers and Trustees
Indemnification Agreement 
    
    Incorporated
by reference to
Exhibit 10.7 to the
Trusts
Registration
Statement on Form
S-11/A, No.
33-65954, filed
with the SEC
September 21, 199310.21
    
    Partnership Agreement of CPSLP
    
    Incorporated by
reference to
Exhibit 10.8 to the
Trusts
Registration
Statement on Form
S-11/A, No.
33-65954, filed
with the SEC
September 21, 199310.21.1
    
    First Amendment to Partnership
Agreement of CPSLP
    
    Incorporated by
reference to
Exhibit 10.28 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
200510.22
    
    Articles of Incorporation of
Colonial Real Estate Services, Inc.,
predecessor of CPSI, as amended
    
    Incorporated by
reference to
Exhibit 10.9 to the
Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199410.23
    
    Bylaws of Colonial Real Estate
Services, Inc., predecessor of CPSI
    
    Incorporated by
reference to
Exhibit 10.10 to
the Trusts
Registration
Statement on Form
S-11/A, No.
33-65954, filed
September 3, 199310.24
    
    Credit Agreement dated as of March
22, 2005, by and among CRLP, as
Borrower, the Trust, as Guarantor,
Wachovia Bank, as Agent for the
Lenders, and the Lenders named
therein
    
    Incorporated by
reference to
Exhibit 10.38 to
the Trusts Current
Report on Form 8-K
filed with the SEC
on March 25, 200510.25
    
    Contribution Agreement, dated April
1, 2005
    
    Incorporated by
reference to
Exhibit 10.1 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on April 7, 2005
 10.26
    
    Bridge Credit Agreement dated
October 28, 2004, by and among CRLP,
as Borrower, and the Trust, as
Guarantor, SouthTrust Bank, as Agent
for Lenders, and the Lenders names
therein.
    
    Incorporated by
reference to
Exhibit 10.37 to
the Trusts Current
Report on Form 8-K
filed with the SEC
on November 3, 200410.27
    
    Facility and Guaranty Agreement
among the Trust, CRLP, Bank One,
N.A. and the Lenders named therein
dated as of December 17, 1999
    
    Incorporated by
reference to
Exhibit 10.34 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
200310.28
    
    Form of Promissory Note under
Facility and Guarantee Agreement
dated as of December 17, 1999 among
the Trust, CRLP, Bank One, N.A. and
certain lenders
    
    Incorporated by
reference to
Exhibit 10.16 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199910.29
    
    Form of Reimbursement Agreement
dated January 25, 2000 by Employee
Unit Purchase Plan participants in
favor of CRLP
    
    Incorporated by
reference to
Exhibit 10.17 to
the Trusts Annual
Report on Form 10-K
for the period
ending December 31,
199910.30
    
    Employment Agreement dated October
1, 2001 between Cornerstone and
Glade M. Knight 
    
    Incorporated by
reference to
Exhibit 10.6 to
Cornerstones Form
10-K filed April 1,
200210.31
    
    First Amendment to Employment
Agreement dated September 21, 2004
between Cornerstone and Glade M.
Knight 
    
    Incorporated by
reference to
Exhibit 10.3 to
Cornerstones
Annual Report on
Form 10-K filed
with the SEC on
March 16, 200510.32
    
    Amendment No 2 to Employment
Agreement dated February 8, 2005
between Cornerstone and Glade M.
Knight 
    
    Incorporated by
reference to
Exhibit 10.1 to
Cornerstones
Current Report on
Form 8-K filed with
the SEC on February
9, 200510.33
    
    Stock Option Agreement dated July
23, 1999 between Cornerstone and
Glade M. Knight 
    
    Incorporated by
reference to
Exhibit 10.50 to
Cornerstones
Annual Report on
Form 10-K filed
with the SEC on
March 27, 200010.34
    
    Amendment No. 1 to Stock Option
Agreement dated February 8, 2005
between Cornerstone and Glade M.
Knight 
    
    Incorporated by
reference to
Exhibit 10.7 to
Cornerstones
Current Report on
Form 8-K filed with
the SEC on February
9, 200510.35
    
    Change in Control Agreement dated
August 1, 2000 between Cornerstone
and Glade M. Knight 
    
    Incorporated by
reference to
Exhibit 10.48 to
Cornerstones
Annual Report on
Form 10-K filed
with the SEC on
April 2, 200110.36
    
    Amendment No. 1 to Change in Control
Agreement dated February 8, 2005
between Cornerstone and Glade M.
Knight 
    
    Incorporated by
reference to
Exhibit 10.3 to
Cornerstones
Current Report on
Form 8-K filed with
the SEC on February
9, 200510.37
    
    Cornerstone 1992 Incentive Plan
Amended and Restated Effective July
1, 2002 
    
    Incorporated by
reference to
Exhibit 10.2 to
Cornerstones
Quarterly Report on
Form 10-Q filed
with the SEC on
August 9, 2002)10.38
    
    First Amendment to Cornerstone 1992
Incentive Plan Amended and Restated
Effective July 1, 2002 
    
    Incorporated by
reference to
Exhibit 10.2 to
Cornerstones
Quarterly Report on
Form 10-Q filed
with the SEC on
August 9, 200410.40
    
    Agreement Evidencing Waiver of
Performance Bonus dated February 25,
2005 between Cornerstone and Glade
M. Knight 
    
    Incorporated by
reference to
Exhibit 10.64 to
Cornerstones
Annual Report on
Form 10-K filed
with the SEC on
March 16, 2005
 10.41
    
    Form of Stock Option Agreement
between Glade M. Knight and
Cornerstone 
    
    Incorporated by
reference to
Exhibit 10.13 to
the Trusts Current
Report on Form 8-K
filed with the SEC
on April 7, 200510.42
    
    Form of Restricted Share Agreement
(20% per year vesting) 
    
    Incorporated by
reference to
Exhibit 10.1 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on May 3, 200510.43
    
    Form of Restricted Share Agreement
(50%/25%/25% vesting) 
    
    Incorporated by
reference to
Exhibit 10.2 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on May 3, 200510.44
    
    Form of Restricted Share Agreement
(33 1/3% per year vesting) 
    
    Incorporated by
reference to
Exhibit 10.3 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on May 3, 200510.45
    
    Form of Restricted Share Agreement
(60%/40% vesting) 
    
    Incorporated by
reference to
Exhibit 10.4 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on May 3, 200510.46
    
    Form of Restricted Share Agreement
(eighth anniversary vesting) 
    
    Incorporated by
reference to
Exhibit 10.5 to t
the Trusts Current
Report on Form 8-K
filed with the SEC
on May 3, 200510.47
    
    Form of Share Option Agreement (20%
per year vesting) 
    
    Incorporated by
reference to
Exhibit 10.6 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on May 3, 200510.48
    
    Underwriting Agreement, dated
September 15, 2005, by and among the
Trust, CRLP, Merrill Lynch & Co.,
Merrill Lynch, Pierce, Fenner &
Smith Incorporated and Wachovia
Capital Markets, LLC, as
representatives of the several
underwriters named in the related
Terms Agreement
    
    Incorporated by
reference to
Exhibit 1.1 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on September 21,
200510.49
    
    Terms Agreement, dated September 15,
2005, by and among the Trust, CRLP,
Merrill Lynch & Co., Merrill Lynch,
Pierce, Fenner & Smith Incorporated
and Wachovia Capital Markets, LLC,
as representatives of the several
underwriters named therein
    
    Incorporated by
reference to
Exhibit 1.2 to the
Trusts Current
Report on Form 8-K
filed with the SEC
on September 21,
200510.50
    
    Amended and Restated Limited
Liability Company Agreement of CRTP
OP LLC, dated as of September 27,
2005, between DRA CRT Acquisition
Corp and Colonial Office JV LLC
    
    Incorporated by
reference to
Exhibit 10.3 to the
Trusts Quarterly
Report on Form 10-Q
for the period
ended September 30,
200510.51
    
    Trustee Compensation Policy for 2005 
    
    Incorporated by reference to
Exhibit 10.22.1 to the Trusts Quarterly Report on Form 10-Q for the period ending March 31, 200510.52
    
    Trustee Compensation Policy for 2006 
    
    Incorporated by reference to
Exhibit 10.59 to the Trusts Annual Report on Form 10-K for the period ending December 31, 200512.1
    
    Ratio of Earnings to Fixed Charges
    
    Filed herewith21.1
    
    List of subsidiaries
    
    Filed herewith23.1
    
    Consent of PricewaterhouseCoopers LLP
    
    Filed herewith31.1
    
    CEO Certification pursuant to
Section 302 of the Sarbanes-Oxley
Act of 2002
    
    Filed herewith31.2
    
    CFO Certification pursuant to
Section 302 of the Sarbanes-Oxley
Act of 2002
    
    Filed herewith
 32.1
    
    CEO Certification pursuant to
Section 906 of the Sarbanes-Oxley
Act of 2002
    
    Filed herewith32.2
    
    CFO Certification pursuant to
Section 906 of the Sarbanes-Oxley
Act of 2002
    
    Filed herewith
 
 
    
    Denotes a management contract or compensatory plan, contract or arrangement. 15(b)
    
    ExhibitsThe list of Exhibits filed with this report is set
forth in response to Item 15(a)(3). The required
exhibit index has been filed with the exhibits.15(c)
    
    Financial StatementsNone.
 101




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##### Table of Contents



SIGNATURES
  COLONIAL REALTY LIMITED PARTNERSHIPa Delaware limited partnershipBy: Colonial Properties Trust, its general partner
 By:
    
    /s/ Thomas H. LowderThomas H. LowderChairman of the Board,President and Chief Executive Officer
  Signature/s/ Thomas H. Lowder
    
    Chairman of the Board, PresidentThomas H. Lowder
    
    and
Chief Executive Officer/s/ Weston M. Andress
    
    Chief Financial and Investment Officer (Principal FinancialWeston M. Andress
    
    Officer)/s/ John E. Tomlinson
    
    Executive Vice President and Chief Accounting OfficerJohn E. Tomlinson/s/ Carl F. Bailey
    
    TrusteeCarl F. Bailey/s/ M. Miller Gorrie
    
    TrusteeM. Miller Gorrie/s/ William M. Johnson
    
    TrusteeWilliam M. Johnson/s/ Glade M. Knight
    
    TrusteeGlade M. Knight/s/ James K. Lowder
    
    TrusteeJames K. Lowder/s/ Herbert A. Meisler
    
    TrusteeHerbert A. Meisler/s/ Claude B. Nielsen
    
    TrusteeClaude B. Nielsen/s/ Harold W. Ripps
    
    TrusteeHarold W. Ripps/s/ Donald T. Senterfitt
    
    TrusteeDonald T. Senterfitt/s/ John W. Spiegel
    
    TrusteeJohn W. Spiegel
 102




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##### Table of Contents



SCHEDULE
III
COLONIAL REALTY LIMITED PARTNERSHIPREAL ESTATE INVESTMENTS AND
ACCUMULATED DEPRECIATIONDecember 31, 2005
 Initial Cost to
    
    
    Cost
    
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    DateCompany
    
    
    Capitalized
    
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    Acquired/Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    Accumulated
    
    
    Date
    
    
    Placed in
    
    
    DepreciableDescription
    
    Encumbrances
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Completed
    
    
    Service
    
    
    Lives-YearsMultifamily:Arbor Trace
    
    $
    
    
    
    $
    3,367,063
    
    
    $
    10,369,060
    
    
    $
    54,913
    
    
    $
    3,367,063
    
    
    $
    10,423,973
    
    
    $
    13,791,036
    
    
    $
    196,931
    
    
    
    1985
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsAshley Park
    
    
    9,000,000
    
    
    
    3,702,098
    
    
    
    15,332,923
    
    
    
    124,186
    
    
    
    3,702,098
    
    
    
    15,457,109
    
    
    
    19,159,207
    
    
    
    477,707
    
    
    
    1988
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsAutumn Park I & II
    
    
    
    
    
    
    4,407,166
    
    
    
    35,387,619
    
    
    
    84,671
    
    
    
    4,407,166
    
    
    
    35,472,290
    
    
    
    39,879,457
    
    
    
    716,734
    
    
    
    2001/04
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsBeacon Hill
    
    
    
    
    
    
    2,840,084
    
    
    
    13,927,943
    
    
    
    412,178
    
    
    
    2,840,084
    
    
    
    14,340,121
    
    
    
    17,180,205
    
    
    
    376,074
    
    
    
    1985
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsBrookfield
    
    
    
    
    
    
    1,541,108
    
    
    
    6,022,656
    
    
    
    469,884
    
    
    
    1,541,108
    
    
    
    6,492,540
    
    
    
    8,033,648
    
    
    
    238,405
    
    
    
    1984
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsCape Landing
    
    
    
    
    
    
    1,942,826
    
    
    
    14,989,387
    
    
    
    173,419
    
    
    
    1,942,826
    
    
    
    15,162,806
    
    
    
    17,105,631
    
    
    
    438,260
    
    
    
    1997/98
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Arringdon
    
    
    
    
    
    
    3,016,358
    
    
    
    23,295,172
    
    
    
    263,420
    
    
    
    3,016,358
    
    
    
    23,558,592
    
    
    
    26,574,950
    
    
    
    1,524,729
    
    
    
    2003
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Grand at Barrett Creek
    
    
    
    
    
    
    3,320,000
    
    
    
    27,237,381
    
    
    
    28,892
    
    
    
    3,320,000
    
    
    
    27,266,273
    
    
    
    30,586,273
    
    
    
    354,703
    
    
    
    1999
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Bear Creek
    
    
    
    
    
    
    4,360,000
    
    
    
    32,029,388
    
    
    
    364,118
    
    
    
    4,360,000
    
    
    
    32,393,506
    
    
    
    36,753,506
    
    
    
    417,149
    
    
    
    1998
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Bellevue
    
    
    
    
    
    
    3,490,000
    
    
    
    31,544,370
    
    
    
    
    
    
    
    3,490,000
    
    
    
    31,544,370
    
    
    
    35,034,370
    
    
    
    102,515
    
    
    
    1996
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Berkeley Lake
    
    
    7,995,525
    
    
    
    1,800,000
    
    
    
    16,551,734
    
    
    
    187,172
    
    
    
    1,800,000
    
    
    
    16,738,906
    
    
    
    18,538,906
    
    
    
    970,863
    
    
    
    1998
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Grand at Beverly Crest
    
    
    
    
    
    
    2,400,000
    
    
    
    20,718,143
    
    
    
    358,737
    
    
    
    2,400,000
    
    
    
    21,076,881
    
    
    
    23,476,881
    
    
    
    959,927
    
    
    
    1996
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Grand at Crabtree Valley
    
    
    
    
    
    
    2,100,000
    
    
    
    15,272,196
    
    
    
    
    
    
    
    2,100,000
    
    
    
    15,272,196
    
    
    
    17,372,196
    
    
    
    49,634
    
    
    
    1997
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Cypress Crossing
    
    
    
    
    
    
    8,781,859
    
    
    
    
    
    
    
    13,795,476
    
    
    
    2,125,136
    
    
    
    20,452,199
    
    
    
    22,577,335
    
    
    
    5,735,390
    
    
    
    1999
    
    
    
    1998
    
    
    
    3-40
    
    
    YearsColonial Grand at Edgewater
    
    
    20,692,483
    
    
    
    1,540,000
    
    
    
    12,671,606
    
    
    
    14,466,623
    
    
    
    2,602,325
    
    
    
    26,075,904
    
    
    
    28,678,229
    
    
    
    9,186,326
    
    
    
    1990
    
    
    
    1994
    
    
    
    3-40
    
    
    YearsColonial Grand at Enclave
    
    
    
    
    
    
    2,283,407
    
    
    
    14,374,986
    
    
    
    1,305,336
    
    
    
    2,427,705
    
    
    
    15,536,024
    
    
    
    17,963,729
    
    
    
    402,286
    
    
    
    1995
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Galleria
    
    
    33,505,000
    
    
    
    5,358,439
    
    
    
    46,981,307
    
    
    
    7,486,757
    
    
    
    5,358,439
    
    
    
    54,468,064
    
    
    
    59,826,503
    
    
    
    17,822,612
    
    
    
    1986
    
    
    
    1994/96
    
    
    
    3-40
    
    
    YearsColonial Grand at Hammocks
    
    
    19,230,825
    
    
    
    3,437,247
    
    
    
    26,514,000
    
    
    
    378,141
    
    
    
    3,437,247
    
    
    
    26,892,142
    
    
    
    30,329,388
    
    
    
    777,104
    
    
    
    1997
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Heather Glen
    
    
    
    
    
    
    3,800,000
    
    
    
    
    
    
    
    31,827,259
    
    
    
    4,134,235
    
    
    
    31,493,025
    
    
    
    35,627,259
    
    
    
    7,687,630
    
    
    
    2000
    
    
    
    1998
    
    
    
    3-40
    
    
    YearsColonial Grand at Heathrow
    
    
    
    
    
    
    2,560,661
    
    
    
    17,612,990
    
    
    
    1,036,991
    
    
    
    2,560,661
    
    
    
    18,649,980
    
    
    
    21,210,642
    
    
    
    6,304,360
    
    
    
    1997
    
    
    
    1994/97
    
    
    
    3-40
    
    
    YearsColonial Grand at Hunters Creek
    
    
    29,264,701
    
    
    
    33,264,022
    
    
    
    
    
    
    
    1,683,894
    
    
    
    5,308,112
    
    
    
    29,639,804
    
    
    
    34,947,916
    
    
    
    10,423,281
    
    
    
    1996
    
    
    
    1996
    
    
    
    3-40
    
    
    YearsColonial Grand at Lakewood Ranch
    
    
    
    
    
    
    2,320,442
    
    
    
    
    
    
    
    21,012,337
    
    
    
    2,148,814
    
    
    
    21,183,964
    
    
    
    23,332,779
    
    
    
    5,622,250
    
    
    
    1999
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Grand at Legacy Park
    
    
    
    
    
    
    2,212,005
    
    
    
    23,076,117
    
    
    
    192,059
    
    
    
    2,212,005
    
    
    
    23,268,176
    
    
    
    25,480,181
    
    
    
    566,214
    
    
    
    2001
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Liberty Park
    
    
    
    
    
    
    2,296,019
    
    
    
    
    
    
    
    25,490,998
    
    
    
    2,296,019
    
    
    
    25,490,998
    
    
    
    27,787,017
    
    
    
    5,966,409
    
    
    
    2000
    
    
    
    1998
    
    
    
    3-40
    
    
    YearsColonial Grand at Madison
    
    
    16,156,614
    
    
    
    1,689,400
    
    
    
    
    
    
    
    21,926,452
    
    
    
    1,831,550
    
    
    
    21,784,301
    
    
    
    23,615,852
    
    
    
    5,368,006
    
    
    
    2000
    
    
    
    1998
    
    
    
    3-40
    
    
    YearsColonial Grand at Mallard Creek
    
    
    
    
    
    
    2,911,443
    
    
    
    1,277,575
    
    
    
    19,161,005
    
    
    
    2,911,443
    
    
    
    20,438,580
    
    
    
    23,350,023
    
    
    
    186,262
    
    
    
    2005
    
    
    
    2003
    
    
    
    3-40
    
    
    YearsColonial Grand at Mallard Lake
    
    
    
    
    
    
    3,020,000
    
    
    
    24,070,350
    
    
    
    
    
    
    
    3,020,000
    
    
    
    24,070,350
    
    
    
    27,090,350
    
    
    
    78,228
    
    
    
    1998
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at McGinnis Ferry
    
    
    
    
    
    
    5,000,114
    
    
    
    34,600,386
    
    
    
    400,435
    
    
    
    5,000,114
    
    
    
    35,000,821
    
    
    
    40,000,935
    
    
    
    1,371,091
    
    
    
    1997
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Grand at Metrowest
    
    
    
    
    
    
    3,421,000
    
    
    
    22,592,957
    
    
    
    523,678
    
    
    
    3,421,000
    
    
    
    23,116,635
    
    
    
    26,537,635
    
    
    
    1,821,822
    
    
    
    1997
    
    
    
    2003
    
    
    
    3-40
    
    
    YearsColonial Grand at Mount Vernon
    
    
    12,542,407
    
    
    
    2,130,000
    
    
    
    24,943,402
    
    
    
    243,802
    
    
    
    2,130,000
    
    
    
    25,187,204
    
    
    
    27,317,204
    
    
    
    1,458,111
    
    
    
    1997
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Grand at Natchez Trace
    
    
    3,920,167
    
    
    
    1,312,000
    
    
    
    16,568,050
    
    
    
    1,085,156
    
    
    
    1,224,499
    
    
    
    17,740,707
    
    
    
    18,965,206
    
    
    
    5,228,357
    
    
    
    1995/97
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Grand at Patterson Place
    
    
    
    
    
    
    2,016,000
    
    
    
    19,060,725
    
    
    
    248,495
    
    
    
    2,016,000
    
    
    
    19,309,220
    
    
    
    21,325,220
    
    
    
    877,586
    
    
    
    1997
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Grand at Promenade
    
    
    21,586,022
    
    
    
    1,479,352
    
    
    
    
    
    
    
    26,810,617
    
    
    
    1,668,104
    
    
    
    26,621,865
    
    
    
    28,289,969
    
    
    
    6,575,931
    
    
    
    1992
    
    
    
    1992
    
    
    
    3-40
    
    
    YearsColonial Grand at Quarry Oaks
    
    
    
    
    
    
    5,063,500
    
    
    
    27,767,505
    
    
    
    963,695
    
    
    
    5,063,500
    
    
    
    28,731,200
    
    
    
    33,794,700
    
    
    
    1,609,674
    
    
    
    1996
    
    
    
    2003
    
    
    
    3-40
    
    
    YearsColonial Grand at Quarterdeck
    
    
    10,114,792
    
    
    
    9,123,452
    
    
    
    12,297,699
    
    
    
    372,914
    
    
    
    9,123,452
    
    
    
    12,670,613
    
    
    
    21,794,065
    
    
    
    377,428
    
    
    
    1987
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Reservoir
    
    
    8,015,300
    
    
    
    1,020,000
    
    
    
    
    
    
    
    13,569,575
    
    
    
    1,122,893
    
    
    
    13,466,682
    
    
    
    14,589,575
    
    
    
    3,217,350
    
    
    
    2000
    
    
    
    1998
    
    
    
    3-40
    
    
    YearsColonial Grand at River Oaks
    
    
    10,500,281
    
    
    
    2,160,000
    
    
    
    17,424,336
    
    
    
    1,145,335
    
    
    
    2,160,000
    
    
    
    18,569,671
    
    
    
    20,729,671
    
    
    
    1,062,055
    
    
    
    1992
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Grand at River Plantation
    
    
    11,423,401
    
    
    
    2,320,000
    
    
    
    19,669,298
    
    
    
    593,238
    
    
    
    2,320,000
    
    
    
    20,262,536
    
    
    
    22,582,536
    
    
    
    1,196,068
    
    
    
    1994
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Grand at Riverchase
    
    
    19,027,305
    
    
    
    2,340,000
    
    
    
    25,248,548
    
    
    
    4,949,519
    
    
    
    2,340,000
    
    
    
    30,198,067
    
    
    
    32,538,067
    
    
    
    9,964,302
    
    
    
    1984/91
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Grand at Seven Oaks
    
    
    
    
    
    
    3,439,125
    
    
    
    19,943,544
    
    
    
    1,159,612
    
    
    
    3,439,125
    
    
    
    21,103,156
    
    
    
    24,542,281
    
    
    
    1,261,420
    
    
    
    2004
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Grand at Shelby Farms
    
    
    
    
    
    
    2,960,000
    
    
    
    21,897,855
    
    
    
    
    
    
    
    2,960,000
    
    
    
    21,897,855
    
    
    
    24,857,855
    
    
    
    71,151
    
    
    
    1998
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Silverado
    
    
    
    
    
    
    2,375,425
    
    
    
    17,744,643
    
    
    
    268,479
    
    
    
    2,375,425
    
    
    
    18,013,122
    
    
    
    20,388,547
    
    
    
    607,065
    
    
    
    2005
    
    
    
    2003
    
    
    
    3-40
    
    
    YearsColonial Grand at Sugarloaf
    
    
    
    
    
    
    2,500,000
    
    
    
    21,811,418
    
    
    
    936,717
    
    
    
    2,500,000
    
    
    
    22,748,135
    
    
    
    25,248,135
    
    
    
    1,290,320
    
    
    
    2002
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Grand at TownPark
    
    
    
    
    
    
    1,391,500
    
    
    
    
    
    
    
    8,351,750
    
    
    
    867,929
    
    
    
    8,875,320
    
    
    
    9,743,250
    
    
    
    440,562
    
    
    
    2002
    
    
    
    2000
    
    
    
    3-40
    
    
    YearsColonial Grand at TownPark   Lake Mary
    
    
    
    
    
    
    2,647,374
    
    
    
    
    
    
    
    34,859,735
    
    
    
    2,647,374
    
    
    
    34,859,735
    
    
    
    37,507,109
    
    
    
    6,797,814
    
    
    
    2005
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Trinity Commons
    
    
    18,072,636
    
    
    
    5,333,807
    
    
    
    35,815,269
    
    
    
    219,616
    
    
    
    5,333,807
    
    
    
    36,034,885
    
    
    
    41,368,692
    
    
    
    831,129
    
    
    
    2000/02
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Twin Lakes
    
    
    
    
    
    
    4,966,922
    
    
    
    29,925,363
    
    
    
    92,502
    
    
    
    5,624,063
    
    
    
    29,360,724
    
    
    
    34,984,787
    
    
    
    1,212,906
    
    
    
    2005
    
    
    
    2001
    
    
    
    3-40
    
    
    YearsColonial Grand at Valley Ranch
    
    
    24,970,926
    
    
    
    2,805,241
    
    
    
    38,037,251
    
    
    
    748,989
    
    
    
    2,805,241
    
    
    
    38,786,239
    
    
    
    41,591,480
    
    
    
    921,509
    
    
    
    1997
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Whitemarsh
    
    
    
    
    
    
    3,797,600
    
    
    
    34,351,276
    
    
    
    584,152
    
    
    
    4,513,974
    
    
    
    34,219,054
    
    
    
    38,733,027
    
    
    
    N/A
    
    
    
    2003
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Grand at Wilmington
    
    
    13,279,255
    
    
    
    3,344,408
    
    
    
    30,554,367
    
    
    
    427,421
    
    
    
    3,344,408
    
    
    
    30,981,788
    
    
    
    34,326,196
    
    
    
    753,922
    
    
    
    1998/2002
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsClarion Crossing
    
    
    
    
    
    
    2,727,410
    
    
    
    12,339,859
    
    
    
    144,528
    
    
    
    2,727,410
    
    
    
    12,484,387
    
    
    
    15,211,796
    
    
    
    457,590
    
    
    
    1972
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsCopper Crossing
    
    
    
    
    
    
    3,064,199
    
    
    
    10,090,736
    
    
    
    597,641
    
    
    
    3,064,199
    
    
    
    10,688,377
    
    
    
    13,752,576
    
    
    
    490,333
    
    
    
    1980/81
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsCottonwood Crossing
    
    
    6,243,802
    
    
    
    922,398
    
    
    
    6,127,804
    
    
    
    225,423
    
    
    
    922,398
    
    
    
    6,353,227
    
    
    
    7,275,625
    
    
    
    267,956
    
    
    
    1985
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Bear Creek
    
    
    3,507,514
    
    
    
    1,028,887
    
    
    
    4,357,339
    
    
    
    294,359
    
    
    
    1,028,887
    
    
    
    4,651,698
    
    
    
    5,680,585
    
    
    
    185,209
    
    
    
    1984
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Ashford Place
    
    
    
    
    
    
    537,600
    
    
    
    5,839,838
    
    
    
    814,283
    
    
    
    537,600
    
    
    
    6,654,121
    
    
    
    7,191,721
    
    
    
    1,837,925
    
    
    
    1983
    
    
    
    1996
    
    
    
    3-40
    
    
    YearsColonial Village at Bedford
    
    
    8,711,441
    
    
    
    2,403,988
    
    
    
    8,732,353
    
    
    
    555,058
    
    
    
    2,403,988
    
    
    
    9,287,412
    
    
    
    11,691,400
    
    
    
    282,532
    
    
    
    1983
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Caledon Wood
    
    
    
    
    
    
    2,100,000
    
    
    
    19,482,210
    
    
    
    1,155,833
    
    
    
    2,088,949
    
    
    
    20,649,095
    
    
    
    22,738,043
    
    
    
    5,951,141
    
    
    
    1995/96
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Village at Canyon Hills
    
    
    12,988,636
    
    
    
    2,345,191
    
    
    
    11,274,917
    
    
    
    549,539
    
    
    
    2,345,191
    
    
    
    11,824,456
    
    
    
    14,169,647
    
    
    
    332,247
    
    
    
    1996
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Charleston Place
    
    
    
    
    
    
    1,124,924
    
    
    
    7,367,718
    
    
    
    423,871
    
    
    
    1,124,924
    
    
    
    7,791,589
    
    
    
    8,916,513
    
    
    
    299,553
    
    
    
    1986
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Chase Gayton
    
    
    16,381,289
    
    
    
    3,270,754
    
    
    
    26,910,024
    
    
    
    372,531
    
    
    
    3,270,754
    
    
    
    27,282,555
    
    
    
    30,553,310
    
    
    
    1,058,772
    
    
    
    1984
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Deerfield
    
    
    10,536,358
    
    
    
    2,032,054
    
    
    
    14,584,057
    
    
    
    237,131
    
    
    
    2,032,054
    
    
    
    14,821,189
    
    
    
    16,853,243
    
    
    
    421,426
    
    
    
    1985
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Estrada
    
    
    9,429,880
    
    
    
    1,689,249
    
    
    
    7,401,941
    
    
    
    267,043
    
    
    
    1,689,249
    
    
    
    7,668,984
    
    
    
    9,358,233
    
    
    
    300,988
    
    
    
    1983
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Greenbrier
    
    
    13,065,252
    
    
    
    2,620,216
    
    
    
    25,498,161
    
    
    
    292,803
    
    
    
    2,620,216
    
    
    
    25,790,964
    
    
    
    28,411,180
    
    
    
    594,819
    
    
    
    1980
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Greentree
    
    
    6,822,488
    
    
    
    1,920,436
    
    
    
    10,288,950
    
    
    
    486,557
    
    
    
    1,920,436
    
    
    
    10,775,507
    
    
    
    12,695,943
    
    
    
    276,353
    
    
    
    1984
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Greystone
    
    
    
    
    
    
    3,155,483
    
    
    
    28,875,949
    
    
    
    469,113
    
    
    
    3,155,483
    
    
    
    29,345,061
    
    
    
    32,500,544
    
    
    
    668,717
    
    
    
    1998/2000
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Hampton Glen
    
    
    12,881,063
    
    
    
    3,428,098
    
    
    
    17,966,469
    
    
    
    370,107
    
    
    
    3,428,098
    
    
    
    18,336,576
    
    
    
    21,764,674
    
    
    
    638,404
    
    
    
    1986
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Hampton Pointe
    
    
    
    
    
    
    8,875,840
    
    
    
    15,359,217
    
    
    
    332,700
    
    
    
    8,875,840
    
    
    
    15,691,917
    
    
    
    24,567,757
    
    
    
    476,509
    
    
    
    1986
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Harbour Club
    
    
    8,685,607
    
    
    
    3,209,585
    
    
    
    20,094,356
    
    
    
    660,887
    
    
    
    3,209,585
    
    
    
    20,755,243
    
    
    
    23,964,828
    
    
    
    600,669
    
    
    
    1988
    
    
    
    2005
    
    
    
    3-40
    
    
    Years




---



##### Table of Contents



Initial Cost to
    
    
    Cost
    
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    DateCompany
    
    
    Capitalized
    
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    Acquired/Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    Accumulated
    
    
    Date
    
    
    Placed in
    
    
    DepreciableDescription
    
    Encumbrances
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Completed
    
    
    Service
    
    
    Lives-YearsColonial Village at Haverhill
    
    
    
    
    
    
    1,771,000
    
    
    
    17,869,452
    
    
    
    3,194,620
    
    
    
    1,771,000
    
    
    
    21,064,072
    
    
    
    22,835,072
    
    
    
    5,296,422
    
    
    
    1998
    
    
    
    1998
    
    
    
    3-40
    
    
    YearsColonial Village at Highland Hills
    
    
    15,140,005
    
    
    
    1,981,613
    
    
    
    17,112,176
    
    
    
    282,741
    
    
    
    1,981,613
    
    
    
    17,394,916
    
    
    
    19,376,530
    
    
    
    656,421
    
    
    
    1987
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Huntington
    
    
    5,017,102
    
    
    
    1,315,930
    
    
    
    7,605,360
    
    
    
    102,327
    
    
    
    1,315,930
    
    
    
    7,707,687
    
    
    
    9,023,617
    
    
    
    201,165
    
    
    
    1986
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Huntleigh Woods
    
    
    
    
    
    
    745,600
    
    
    
    4,908,990
    
    
    
    1,383,751
    
    
    
    730,688
    
    
    
    6,307,653
    
    
    
    7,038,341
    
    
    
    2,113,382
    
    
    
    1978
    
    
    
    1994
    
    
    
    3-40
    
    
    YearsColonial Village at Inverness
    
    
    11,105,000
    
    
    
    2,349,487
    
    
    
    16,279,416
    
    
    
    11,708,169
    
    
    
    2,936,991
    
    
    
    27,400,081
    
    
    
    30,337,072
    
    
    
    10,853,125
    
    
    
    1986/87/90/97
    
    
    
    1986/87/90/97
    
    
    
    3-40
    
    
    YearsColonial Village at Main Park
    
    
    8,727,503
    
    
    
    1,208,434
    
    
    
    10,235,978
    
    
    
    417,323
    
    
    
    1,208,434
    
    
    
    10,653,300
    
    
    
    11,861,735
    
    
    
    324,908
    
    
    
    1984
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Marsh Cove
    
    
    8,297,775
    
    
    
    2,023,460
    
    
    
    11,095,073
    
    
    
    700,849
    
    
    
    2,023,460
    
    
    
    11,795,922
    
    
    
    13,819,382
    
    
    
    385,958
    
    
    
    1983
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Meadow Creek
    
    
    9,887,077
    
    
    
    1,548,280
    
    
    
    11,293,190
    
    
    
    468,526
    
    
    
    1,548,280
    
    
    
    11,761,717
    
    
    
    13,309,997
    
    
    
    394,442
    
    
    
    1984
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Mill Creek
    
    
    
    
    
    
    2,153,567
    
    
    
    9,331,910
    
    
    
    2,734,026
    
    
    
    2,153,567
    
    
    
    12,065,937
    
    
    
    14,219,504
    
    
    
    531,934
    
    
    
    1984
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at North Arlington
    
    
    8,799,964
    
    
    
    2,439,102
    
    
    
    10,804,027
    
    
    
    433,706
    
    
    
    2,439,102
    
    
    
    11,237,734
    
    
    
    13,676,836
    
    
    
    361,253
    
    
    
    1985
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Paces Glen
    
    
    
    
    
    
    908,672
    
    
    
    5,013,745
    
    
    
    223,822
    
    
    
    908,672
    
    
    
    5,237,567
    
    
    
    6,146,239
    
    
    
    313,739
    
    
    
    1986
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Pear Ridge
    
    
    10,837,370
    
    
    
    3,329,377
    
    
    
    11,311,073
    
    
    
    242,579
    
    
    
    3,329,377
    
    
    
    11,553,651
    
    
    
    14,883,028
    
    
    
    317,016
    
    
    
    1988
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Pinnacle Ridge
    
    
    5,161,623
    
    
    
    1,212,917
    
    
    
    8,499,638
    
    
    
    92,550
    
    
    
    1,212,917
    
    
    
    8,592,187
    
    
    
    9,805,104
    
    
    
    313,385
    
    
    
    1951/85
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Poplar Place
    
    
    
    
    
    
    2,209,209
    
    
    
    13,932,821
    
    
    
    643,061
    
    
    
    2,209,209
    
    
    
    14,575,883
    
    
    
    16,785,092
    
    
    
    377,292
    
    
    
    1989/95
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Regency Place
    
    
    
    
    
    
    1,726,498
    
    
    
    8,748,067
    
    
    
    379,209
    
    
    
    1,726,498
    
    
    
    9,127,276
    
    
    
    10,853,774
    
    
    
    274,377
    
    
    
    1986
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Remington Place
    
    
    
    
    
    
    1,009,327
    
    
    
    5,950,650
    
    
    
    40,262
    
    
    
    1,009,327
    
    
    
    5,990,913
    
    
    
    7,000,240
    
    
    
    244,206
    
    
    
    1988
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Research Park
    
    
    27,720,000
    
    
    
    3,680,000
    
    
    
    29,322,067
    
    
    
    4,824,803
    
    
    
    3,680,000
    
    
    
    34,146,870
    
    
    
    37,826,870
    
    
    
    11,951,590
    
    
    
    1987/94
    
    
    
    1994
    
    
    
    3-40
    
    
    YearsColonial Village at Sierra Vista
    
    
    
    
    
    
    2,320,000
    
    
    
    11,370,600
    
    
    
    792,753
    
    
    
    2,308,949
    
    
    
    12,174,404
    
    
    
    14,483,353
    
    
    
    621,602
    
    
    
    1999
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Village at South Tryon
    
    
    
    
    
    
    1,510,535
    
    
    
    14,696,088
    
    
    
    374,359
    
    
    
    1,510,535
    
    
    
    15,070,448
    
    
    
    16,580,982
    
    
    
    327,985
    
    
    
    2002
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Spring Lake
    
    
    
    
    
    
    1,409,195
    
    
    
    9,917,923
    
    
    
    197,133
    
    
    
    1,409,195
    
    
    
    10,115,055
    
    
    
    11,524,250
    
    
    
    408,908
    
    
    
    1986
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Stone Brook
    
    
    
    
    
    
    1,733,073
    
    
    
    7,033,805
    
    
    
    244,455
    
    
    
    1,733,073
    
    
    
    7,278,259
    
    
    
    9,011,332
    
    
    
    302,106
    
    
    
    1987
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Stone Point
    
    
    
    
    
    
    1,417,658
    
    
    
    9,291,464
    
    
    
    219,625
    
    
    
    1,417,658
    
    
    
    9,511,088
    
    
    
    10,928,747
    
    
    
    349,543
    
    
    
    1986
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Timber Crest
    
    
    15,481,367
    
    
    
    2,284,812
    
    
    
    19,010,168
    
    
    
    369,560
    
    
    
    2,284,812
    
    
    
    19,379,728
    
    
    
    21,664,540
    
    
    
    462,562
    
    
    
    2000
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Timothy Woods
    
    
    9,023,098
    
    
    
    1,020,000
    
    
    
    11,910,546
    
    
    
    747,423
    
    
    
    1,024,347
    
    
    
    12,653,622
    
    
    
    13,677,969
    
    
    
    3,695,728
    
    
    
    1996
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Village at Tradewinds
    
    
    11,443,131
    
    
    
    5,220,717
    
    
    
    22,479,977
    
    
    
    485,142
    
    
    
    5,220,717
    
    
    
    22,965,119
    
    
    
    28,185,836
    
    
    
    580,159
    
    
    
    1988
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Trussville
    
    
    15,739,270
    
    
    
    1,504,000
    
    
    
    18,800,253
    
    
    
    1,620,070
    
    
    
    1,510,409
    
    
    
    20,413,914
    
    
    
    21,924,323
    
    
    
    6,510,897
    
    
    
    1996/97
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Village at Waterford
    
    
    17,440,160
    
    
    
    3,321,325
    
    
    
    26,345,195
    
    
    
    424,383
    
    
    
    3,321,325
    
    
    
    26,769,579
    
    
    
    30,090,904
    
    
    
    794,189
    
    
    
    1989
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Waters Edge
    
    
    7,308,468
    
    
    
    888,386
    
    
    
    13,215,381
    
    
    
    495,886
    
    
    
    888,386
    
    
    
    13,711,267
    
    
    
    14,599,653
    
    
    
    573,983
    
    
    
    1985
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Westchase
    
    
    
    
    
    
    10,418,496
    
    
    
    10,348,047
    
    
    
    657,481
    
    
    
    10,418,496
    
    
    
    11,005,528
    
    
    
    21,424,024
    
    
    
    522,826
    
    
    
    1985
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Village at Windsor Place
    
    
    9,173,431
    
    
    
    1,274,885
    
    
    
    15,017,745
    
    
    
    854,273
    
    
    
    1,274,885
    
    
    
    15,872,017
    
    
    
    17,146,902
    
    
    
    494,680
    
    
    
    1985
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsGlen Eagles I & II
    
    
    
    
    
    
    2,028,204
    
    
    
    17,424,915
    
    
    
    87,459
    
    
    
    2,028,204
    
    
    
    17,512,374
    
    
    
    19,540,579
    
    
    
    518,334
    
    
    
    1990/2000
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsGrayson Square I & II
    
    
    
    
    
    
    6,221,164
    
    
    
    24,463,050
    
    
    
    483,491
    
    
    
    6,221,164
    
    
    
    24,946,541
    
    
    
    31,167,705
    
    
    
    713,314
    
    
    
    1985/86
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsHeatherwood
    
    
    
    
    
    
    3,550,362
    
    
    
    23,731,531
    
    
    
    128,050
    
    
    
    3,550,362
    
    
    
    23,859,581
    
    
    
    27,409,943
    
    
    
    773,352
    
    
    
    1980
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsMayflower Seaside
    
    
    
    
    
    
    5,194,499
    
    
    
    21,835,296
    
    
    
    95,507
    
    
    
    5,194,499
    
    
    
    21,930,803
    
    
    
    27,125,301
    
    
    
    331
    
    
    
    1950
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsMerritt at James Island
    
    
    
    
    
    
    9,175,719
    
    
    
    17,462,810
    
    
    
    77,926
    
    
    
    9,175,719
    
    
    
    17,540,736
    
    
    
    26,716,455
    
    
    
    
    
    
    
    2002
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsPaces Cove
    
    
    11,510,344
    
    
    
    1,509,933
    
    
    
    11,127,122
    
    
    
    98,903
    
    
    
    1,509,933
    
    
    
    11,226,025
    
    
    
    12,735,957
    
    
    
    445,263
    
    
    
    1982
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsPaces Point
    
    
    
    
    
    
    2,003,172
    
    
    
    11,186,878
    
    
    
    94,252
    
    
    
    2,003,172
    
    
    
    11,281,130
    
    
    
    13,284,301
    
    
    
    362,107
    
    
    
    1985
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsParkside at Woodlake
    
    
    
    
    
    
    2,781,279
    
    
    
    17,694,376
    
    
    
    146,699
    
    
    
    2,781,279
    
    
    
    17,841,075
    
    
    
    20,622,354
    
    
    
    474,867
    
    
    
    1996
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsRemington Hills at Las Colinas
    
    
    
    
    
    
    2,520,011
    
    
    
    22,451,151
    
    
    
    145,022
    
    
    
    2,520,011
    
    
    
    22,596,173
    
    
    
    25,116,184
    
    
    
    189
    
    
    
    1984
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsSummer Tree
    
    
    7,943,084
    
    
    
    2,319,541
    
    
    
    5,975,472
    
    
    
    62,475
    
    
    
    2,319,541
    
    
    
    6,037,947
    
    
    
    8,357,487
    
    
    
    302,764
    
    
    
    1980
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsSummerwalk
    
    
    
    
    
    
    1,040,769
    
    
    
    6,872,638
    
    
    
    72,906
    
    
    
    1,040,769
    
    
    
    6,945,544
    
    
    
    7,986,314
    
    
    
    322
    
    
    
    1983
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsThe Gables
    
    
    
    
    
    
    2,436,588
    
    
    
    14,800,444
    
    
    
    85,723
    
    
    
    2,436,588
    
    
    
    14,886,167
    
    
    
    17,322,754
    
    
    
    396
    
    
    
    1987
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsThe Meadows I, II, & III
    
    
    
    
    
    
    3,322,195
    
    
    
    24,192,374
    
    
    
    104,454
    
    
    
    3,322,195
    
    
    
    24,296,829
    
    
    
    27,619,024
    
    
    
    454
    
    
    
    1974/2001
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsThe Timbers
    
    
    
    
    
    
    1,602,524
    
    
    
    5,877,106
    
    
    
    781,670
    
    
    
    1,602,524
    
    
    
    6,658,776
    
    
    
    8,261,300
    
    
    
    258,622
    
    
    
    1983
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsThe Trestles
    
    
    
    
    
    
    2,238,067
    
    
    
    9,392,154
    
    
    
    578,083
    
    
    
    2,238,067
    
    
    
    9,970,237
    
    
    
    12,208,304
    
    
    
    391,748
    
    
    
    1987
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsTrolley Square East & West
    
    
    
    
    
    
    4,743,279
    
    
    
    14,416,319
    
    
    
    172,178
    
    
    
    4,743,279
    
    
    
    14,588,497
    
    
    
    19,331,776
    
    
    
    330,782
    
    
    
    1964/65
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsTrophy Chase I & II
    
    
    
    
    
    
    7,146,496
    
    
    
    24,811,026
    
    
    
    523,365
    
    
    
    7,146,496
    
    
    
    25,334,391
    
    
    
    32,480,888
    
    
    
    767,499
    
    
    
    1970
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsOffice:250 Commerce Street
    
    
    
    
    
    
    25,000
    
    
    
    200,200
    
    
    
    2,770,742
    
    
    
    25,000
    
    
    
    2,970,942
    
    
    
    2,995,942
    
    
    
    2,626,598
    
    
    
    1904/81
    
    
    
    1980
    
    
    
    3-40
    
    
    Years901 Maitland Center
    
    
    
    
    
    
    2,335,035
    
    
    
    14,398,193
    
    
    
    1,282,944
    
    
    
    2,335,035
    
    
    
    15,681,137
    
    
    
    18,016,172
    
    
    
    1,943,700
    
    
    
    1985
    
    
    
    2002
    
    
    
    3-40
    
    
    YearsAmSouth Center
    
    
    
    
    
    
    764,961
    
    
    
    
    
    
    
    20,868,396
    
    
    
    764,961
    
    
    
    20,868,395
    
    
    
    21,633,357
    
    
    
    10,925,025
    
    
    
    1990
    
    
    
    1990
    
    
    
    3-40
    
    
    YearsColonial Bank Centre
    
    
    
    
    
    
    6,911,461
    
    
    
    32,714,386
    
    
    
    161,768
    
    
    
    6,911,461
    
    
    
    32,876,154
    
    
    
    39,787,615
    
    
    
    890,802
    
    
    
    1982
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Center at Bayside
    
    
    
    
    
    
    1,507,665
    
    
    
    15,902,388
    
    
    
    2,450,323
    
    
    
    1,507,665
    
    
    
    18,352,711
    
    
    
    19,860,376
    
    
    
    500,261
    
    
    
    1997
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Center at Blue Lake
    
    
    
    
    
    
    1,794,672
    
    
    
    14,615,335
    
    
    
    4,714,884
    
    
    
    1,779,230
    
    
    
    19,345,661
    
    
    
    21,124,892
    
    
    
    3,794,784
    
    
    
    1982/95
    
    
    
    1999
    
    
    
    3-40
    
    
    YearsColonial Center at Mansell Overlook
    
    
    15,924,309
    
    
    
    4,540,000
    
    
    
    44,012,971
    
    
    
    92,653,106
    
    
    
    9,673,627
    
    
    
    131,532,450
    
    
    
    141,206,077
    
    
    
    27,329,735
    
    
    
    1987/96/97/00
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Center at Research Office Center
    
    
    
    
    
    
    1,745,672
    
    
    
    12,909,263
    
    
    
    454,321
    
    
    
    1,745,672
    
    
    
    13,363,584
    
    
    
    15,109,256
    
    
    
    1,018,395
    
    
    
    1984/00
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Center at Research Place
    
    
    
    
    
    
    2,763,900
    
    
    
    12,790,254
    
    
    
    2,069,783
    
    
    
    1,202,170
    
    
    
    16,421,767
    
    
    
    17,623,937
    
    
    
    1,268,246
    
    
    
    1979/84/88
    
    
    
    2003
    
    
    
    3-40
    
    
    YearsColonial Center at Town Park
    
    
    
    
    
    
    1,391,500
    
    
    
    
    
    
    
    71,622,572
    
    
    
    4,923,396
    
    
    
    68,090,676
    
    
    
    73,014,072
    
    
    
    12,667,931
    
    
    
    2001
    
    
    
    2000
    
    
    
    3-40
    
    
    YearsColonial Center Colonnade
    
    
    
    
    
    
    6,299,310
    
    
    
    40,485,721
    
    
    
    6,599,215
    
    
    
    6,299,310
    
    
    
    47,084,936
    
    
    
    53,384,246
    
    
    
    4,580,337
    
    
    
    1989/99
    
    
    
    2002
    
    
    
    3-40
    
    
    YearsColonial Center Heathrow
    
    
    
    
    
    
    13,548,715
    
    
    
    97,256,123
    
    
    
    3,670,018
    
    
    
    13,548,715
    
    
    
    100,926,141
    
    
    
    114,474,856
    
    
    
    9,000,407
    
    
    
    1988/96-00
    
    
    
    2002
    
    
    
    3-40
    
    
    YearsColonial Center Heathrow 1001
    
    
    
    
    
    
    2,384,904
    
    
    
    16,859,972
    
    
    
    194,237
    
    
    
    2,384,904
    
    
    
    17,054,209
    
    
    
    19,439,113
    
    
    
    325,840
    
    
    
    2001
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Center Lakeside
    
    
    
    
    
    
    423,451
    
    
    
    8,313,291
    
    
    
    2,422,088
    
    
    
    425,255
    
    
    
    10,733,575
    
    
    
    11,158,830
    
    
    
    2,984,067
    
    
    
    1989/90
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Center Research Park
    
    
    
    
    
    
    1,373,238
    
    
    
    
    
    
    
    12,558,996
    
    
    
    1,003,865
    
    
    
    12,928,369
    
    
    
    13,932,234
    
    
    
    3,761,453
    
    
    
    1999
    
    
    
    1998
    
    
    
    3-40
    
    
    YearsColonial Place I & II
    
    
    
    
    
    
    4,851,165
    
    
    
    43,534,087
    
    
    
    2,734,819
    
    
    
    4,851,165
    
    
    
    46,268,906
    
    
    
    51,120,071
    
    
    
    1,717,742
    
    
    
    1984/86
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Plaza
    
    
    
    
    
    
    1,001,375
    
    
    
    12,381,023
    
    
    
    6,428,356
    
    
    
    1,005,642
    
    
    
    18,805,112
    
    
    
    19,810,754
    
    
    
    4,199,848
    
    
    
    1982
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsConcourse Center
    
    
    
    
    
    
    4,875,000
    
    
    
    25,702,552
    
    
    
    10,190,190
    
    
    
    4,875,000
    
    
    
    35,892,742
    
    
    
    40,767,742
    
    
    
    6,469,487
    
    
    
    1981/85
    
    
    
    1998
    
    
    
    3-40
    
    
    YearsDRS Building
    
    
    
    
    
    
    610,000
    
    
    
    12,089,992
    
    
    
    122,007
    
    
    
    610,000
    
    
    
    12,211,999
    
    
    
    12,821,999
    
    
    
    751,052
    
    
    
    1972/86/90/03
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsEsplanade
    
    
    
    
    
    
    4,211,670
    
    
    
    16,231,315
    
    
    
    560,902
    
    
    
    1,512,667
    
    
    
    19,491,220
    
    
    
    21,003,887
    
    
    
    340,849
    
    
    
    1981
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsIndependence Plaza
    
    
    
    
    
    
    1,505,000
    
    
    
    6,018,476
    
    
    
    4,025,635
    
    
    
    1,505,000
    
    
    
    10,044,111
    
    
    
    11,549,111
    
    
    
    2,382,818
    
    
    
    1981/92
    
    
    
    1998
    
    
    
    3-40
    
    
    YearsInternational Park
    
    
    
    
    
    
    1,279,355
    
    
    
    5,668,186
    
    
    
    17,740,102
    
    
    
    2,740,276
    
    
    
    21,947,367
    
    
    
    24,687,643
    
    
    
    5,623,952
    
    
    
    1987/89
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsInterstate Park
    
    
    
    
    
    
    1,125,990
    
    
    
    7,113,558
    
    
    
    13,490,489
    
    
    
    1,125,988
    
    
    
    20,604,049
    
    
    
    21,730,037
    
    
    
    10,412,270
    
    
    
    1982-85/89
    
    
    
    1982-85/89
    
    
    
    3-40
    
    
    YearsPerimeter Corporate Park
    
    
    
    
    
    
    1,422,169
    
    
    
    18,377,648
    
    
    
    5,529,736
    
    
    
    1,422,169
    
    
    
    23,907,384
    
    
    
    25,329,553
    
    
    
    6,252,775
    
    
    
    1986/89
    
    
    
    1998
    
    
    
    3-40
    
    
    YearsProgress Center
    
    
    
    
    
    
    521,037
    
    
    
    14,710,851
    
    
    
    5,564,345
    
    
    
    523,258
    
    
    
    20,272,975
    
    
    
    20,796,233
    
    
    
    6,017,977
    
    
    
    1983-91
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsResearch Park Office Center IV
    
    
    
    
    
    
    994,058
    
    
    
    3,644,740
    
    
    
    49,068
    
    
    
    550,349
    
    
    
    4,137,517
    
    
    
    4,687,866
    
    
    
    140,443
    
    
    
    1998
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsResearch Park Plaza III & IV
    
    
    
    
    
    
    3,060,363
    
    
    
    73,120,000
    
    
    
    384,773
    
    
    
    3,060,363
    
    
    
    73,504,773
    
    
    
    76,565,136
    
    
    
    953,516
    
    
    
    2001
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsRiverchase Center
    
    
    
    
    
    
    1,916,727
    
    
    
    22,091,651
    
    
    
    6,939,510
    
    
    
    1,924,895
    
    
    
    29,022,994
    
    
    
    30,947,888
    
    
    
    8,103,704
    
    
    
    1984-88
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsShoppes at Mansell
    
    
    
    
    
    
    600,000
    
    
    
    3,089,565
    
    
    
    120,708
    
    
    
    600,000
    
    
    
    3,210,273
    
    
    
    3,810,273
    
    
    
    634,697
    
    
    
    1996/97
    
    
    
    1998
    
    
    
    3-40
    
    
    YearsThe Peachtree
    
    
    
    
    
    
    8,410,000
    
    
    
    33,640,000
    
    
    
    5,055,403
    
    
    
    10,868,412
    
    
    
    36,236,991
    
    
    
    47,105,403
    
    
    
    371,304
    
    
    
    1989
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsTown Park-Office over Retail
    
    
    
    
    
    
    443,535
    
    
    
    
    
    
    
    6,500,012
    
    
    
    442,772
    
    
    
    6,500,775
    
    
    
    6,943,547
    
    
    
    764,945
    
    
    
    2004
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsLakeside at Mansell
    
    
    
    
    
    
    1,300,000
    
    
    
    
    
    
    
    839,456
    
    
    
    1,300,000
    
    
    
    839,456
    
    
    
    2,139,456
    
    
    
    
    
    
    
    2005
    
    
    
    2005
    
    
    
    3-40
    
    
    Years




---



##### Table of Contents



Initial Cost to
    
    
    Cost
    
    
    Gross Amount at Which
    
    
    
    
    
    
    
    
    
    
    DateCompany
    
    
    Capitalized
    
    
    Carried at Close of Period
    
    
    
    
    
    
    
    
    
    
    Acquired/Buildings and
    
    
    Subsequent to
    
    
    
    
    
    
    Buildings and
    
    
    
    
    
    
    Accumulated
    
    
    Date
    
    
    Placed in
    
    
    DepreciableDescription
    
    Encumbrances
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Completed
    
    
    Service
    
    
    Lives-YearsRetail:Britt David Shopping Center
    
    
    
    
    
    
    1,755,000
    
    
    
    4,951,852
    
    
    
    609,921
    
    
    
    1,755,000
    
    
    
    5,561,773
    
    
    
    7,316,773
    
    
    
    1,637,689
    
    
    
    1990
    
    
    
    1994
    
    
    
    3-40
    
    
    YearsColonial Brookwood Village
    
    
    
    
    
    
    8,136,700
    
    
    
    24,435,002
    
    
    
    68,067,676
    
    
    
    8,171,373
    
    
    
    92,468,004
    
    
    
    100,639,378
    
    
    
    21,611,693
    
    
    
    1973/91/00
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Mall Decatur
    
    
    
    
    
    
    3,262,800
    
    
    
    23,636,229
    
    
    
    5,032,598
    
    
    
    3,262,800
    
    
    
    28,668,827
    
    
    
    31,931,627
    
    
    
    9,340,998
    
    
    
    1979/89
    
    
    
    1993
    
    
    
    3-40
    
    
    YearsColonial Mall Lakeshore
    
    
    
    
    
    
    4,646,300
    
    
    
    30,973,239
    
    
    
    4,518,387
    
    
    
    4,666,100
    
    
    
    35,471,827
    
    
    
    40,137,926
    
    
    
    8,974,695
    
    
    
    1984-87
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Mall Staunton
    
    
    
    
    
    
    2,895,000
    
    
    
    15,083,542
    
    
    
    6,818,360
    
    
    
    2,907,337
    
    
    
    21,889,566
    
    
    
    24,796,902
    
    
    
    5,502,656
    
    
    
    1969/86/97
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Mayberry Mall
    
    
    
    
    
    
    862,500
    
    
    
    3,778,590
    
    
    
    1,140,377
    
    
    
    866,175
    
    
    
    4,915,291
    
    
    
    5,781,467
    
    
    
    1,299,131
    
    
    
    1968/86
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Pinnacle Kingwood Commons
    
    
    
    
    
    
    6,100,000
    
    
    
    23,223,232
    
    
    
    749,205
    
    
    
    6,100,000
    
    
    
    23,972,437
    
    
    
    30,072,437
    
    
    
    1,341,012
    
    
    
    2003/04
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Promenade Alabaster
    
    
    
    
    
    
    7,540,689
    
    
    
    
    
    
    
    20,654,295
    
    
    
    5,990,280
    
    
    
    22,204,704
    
    
    
    28,194,985
    
    
    
    386,279
    
    
    
    2005
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Promenade Beechwood
    
    
    
    
    
    
    2,565,550
    
    
    
    19,647,875
    
    
    
    17,888,570
    
    
    
    2,576,483
    
    
    
    37,525,512
    
    
    
    40,101,995
    
    
    
    7,308,489
    
    
    
    1963/92/05
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Promenade Boulevard Square
    
    
    30,787,488
    
    
    
    13,719,799
    
    
    
    24,723,406
    
    
    
    4,367,849
    
    
    
    13,772,107
    
    
    
    29,038,947
    
    
    
    42,811,054
    
    
    
    1,038,923
    
    
    
    2001
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Promenade Burnt Store
    
    
    
    
    
    
    2,707,798
    
    
    
    5,557,430
    
    
    
    1,611,943
    
    
    
    2,707,798
    
    
    
    7,169,373
    
    
    
    9,877,171
    
    
    
    1,843,566
    
    
    
    1990
    
    
    
    1994
    
    
    
    3-40
    
    
    YearsColonial Promenade Deerfield
    
    
    32,101,028
    
    
    
    13,000,000
    
    
    
    26,680,451
    
    
    
    5,258,861
    
    
    
    13,000,000
    
    
    
    31,939,312
    
    
    
    44,939,312
    
    
    
    1,535,365
    
    
    
    1988/2003
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Promenade Hunters Creek
    
    
    
    
    
    
    4,181,760
    
    
    
    13,023,401
    
    
    
    1,388,424
    
    
    
    4,181,760
    
    
    
    14,411,825
    
    
    
    18,593,585
    
    
    
    3,419,371
    
    
    
    1993/95
    
    
    
    1996
    
    
    
    3-40
    
    
    YearsColonial Promenade Lakewood
    
    
    
    
    
    
    2,984,522
    
    
    
    11,482,512
    
    
    
    3,486,872
    
    
    
    3,018,135
    
    
    
    14,935,772
    
    
    
    17,953,906
    
    
    
    3,656,806
    
    
    
    1995
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Promenade Montgomery
    
    
    11,616,748
    
    
    
    3,788,913
    
    
    
    11,346,754
    
    
    
    1,831,908
    
    
    
    4,332,432
    
    
    
    12,635,143
    
    
    
    16,967,575
    
    
    
    5,115,003
    
    
    
    1990
    
    
    
    1993
    
    
    
    3-40
    
    
    YearsColonial Promenade Montgomery North
    
    
    
    
    
    
    2,400,000
    
    
    
    5,664,858
    
    
    
    630,951
    
    
    
    2,401,182
    
    
    
    6,294,627
    
    
    
    8,695,809
    
    
    
    1,298,811
    
    
    
    1997
    
    
    
    1995
    
    
    
    3-40
    
    
    YearsColonial Promenade Northdale
    
    
    
    
    
    
    3,059,760
    
    
    
    8,054,090
    
    
    
    7,023,256
    
    
    
    2,835,571
    
    
    
    15,301,535
    
    
    
    18,137,106
    
    
    
    3,207,821
    
    
    
    1988/00
    
    
    
    1995
    
    
    
    3-40
    
    
    YearsColonial Promenade Portofino
    
    
    
    
    
    
    11,148,386
    
    
    
    44,295,771
    
    
    
    0
    
    
    
    11,148,386
    
    
    
    44,295,771
    
    
    
    55,444,157
    
    
    
    1,515,013
    
    
    
    2000
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Promenade Town Park
    
    
    405,889
    
    
    
    3,916,001
    
    
    
    
    
    
    
    25,790,149
    
    
    
    3,953,828
    
    
    
    25,752,322
    
    
    
    29,706,150
    
    
    
    2,252,860
    
    
    
    2005
    
    
    
    2005
    
    
    
    3-40
    
    
    YearsColonial Promenade Trussville
    
    
    
    
    
    
    4,201,186
    
    
    
    
    
    
    
    28,244,944
    
    
    
    3,868,278
    
    
    
    28,577,852
    
    
    
    32,446,130
    
    
    
    4,113,363
    
    
    
    2000
    
    
    
    1998
    
    
    
    3-40
    
    
    YearsColonial Promenade Trussville II
    
    
    
    
    
    
    1,476,871
    
    
    
    
    
    
    
    5,400,416
    
    
    
    802,784
    
    
    
    6,074,502
    
    
    
    6,877,286
    
    
    
    282,392
    
    
    
    2004
    
    
    
    2003
    
    
    
    3-40
    
    
    YearsColonial Promenade Tutwiler Farm
    
    
    
    
    
    
    13,202,493
    
    
    
    
    
    
    
    11,699,706
    
    
    
    7,037,894
    
    
    
    17,864,305
    
    
    
    24,902,199
    
    
    
    2,437,149
    
    
    
    2000
    
    
    
    1999
    
    
    
    3-40
    
    
    YearsColonial Promenade Wekiva
    
    
    
    
    
    
    2,817,788
    
    
    
    15,302,375
    
    
    
    742,378
    
    
    
    2,817,788
    
    
    
    16,044,753
    
    
    
    18,862,541
    
    
    
    3,943,147
    
    
    
    1990
    
    
    
    1996
    
    
    
    3-40
    
    
    YearsColonial Promenade Winter Haven
    
    
    
    
    
    
    1,768,586
    
    
    
    3,928,903
    
    
    
    5,011,907
    
    
    
    4,045,045
    
    
    
    6,664,351
    
    
    
    10,709,396
    
    
    
    2,038,686
    
    
    
    1986
    
    
    
    1995
    
    
    
    3-40
    
    
    YearsColonial Shoppes Bear Lake
    
    
    
    
    
    
    2,134,440
    
    
    
    6,551,683
    
    
    
    1,825,031
    
    
    
    2,134,440
    
    
    
    8,376,714
    
    
    
    10,511,154
    
    
    
    2,212,782
    
    
    
    1990
    
    
    
    1995
    
    
    
    3-40
    
    
    YearsColonial Shoppes Bellwood
    
    
    
    
    
    
    330,000
    
    
    
    
    
    
    
    5,440,472
    
    
    
    330,000
    
    
    
    5,440,472
    
    
    
    5,770,472
    
    
    
    2,364,496
    
    
    
    1988
    
    
    
    1988
    
    
    
    3-40
    
    
    YearsColonial Shoppes Clay
    
    
    
    
    
    
    272,594
    
    
    
    
    
    
    
    7,635,715
    
    
    
    277,975
    
    
    
    7,630,334
    
    
    
    7,908,309
    
    
    
    3,269,687
    
    
    
    1982/2004
    
    
    
    1982
    
    
    
    3-40
    
    
    YearsColonial Shoppes College Parkway
    
    
    7,636,490
    
    
    
    2,700,000
    
    
    
    10,792,000
    
    
    
    1,172,993
    
    
    
    2,700,000
    
    
    
    11,964,993
    
    
    
    14,664,993
    
    
    
    466,495
    
    
    
    1970/2000
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Shoppes McGehee
    
    
    
    
    
    
    197,152
    
    
    
    
    
    
    
    6,424,623
    
    
    
    197,152
    
    
    
    6,424,623
    
    
    
    6,621,775
    
    
    
    2,709,456
    
    
    
    1986
    
    
    
    1986
    
    
    
    3-40
    
    
    YearsColonial Shoppes Pines Plaza
    
    
    9,218,302
    
    
    
    2,000,000
    
    
    
    9,641,999
    
    
    
    505,806
    
    
    
    2,000,000
    
    
    
    10,147,805
    
    
    
    12,147,805
    
    
    
    401,775
    
    
    
    2002
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsColonial Shoppes Quaker Village
    
    
    
    
    
    
    931,000
    
    
    
    7,901,874
    
    
    
    1,376,391
    
    
    
    934,967
    
    
    
    9,274,298
    
    
    
    10,209,265
    
    
    
    2,185,541
    
    
    
    1968/88/97
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Shoppes Yadkinville
    
    
    
    
    
    
    1,080,000
    
    
    
    1,224,136
    
    
    
    3,658,893
    
    
    
    1,084,602
    
    
    
    4,878,427
    
    
    
    5,963,029
    
    
    
    1,063,735
    
    
    
    1971/97
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsColonial Shops Colonnade
    
    
    
    
    
    
    2,468,092
    
    
    
    4,034,205
    
    
    
    5,936,247
    
    
    
    4,827,330
    
    
    
    7,611,214
    
    
    
    12,438,544
    
    
    
    529,375
    
    
    
    1989/2005
    
    
    
    2002
    
    
    
    3-40
    
    
    YearsOlde Town Shopping Center
    
    
    
    
    
    
    343,325
    
    
    
    
    
    
    
    2,921,439
    
    
    
    343,325
    
    
    
    2,921,439
    
    
    
    3,264,764
    
    
    
    1,433,573
    
    
    
    1978/90
    
    
    
    1978/90
    
    
    
    3-40
    
    
    YearsRivermont Shopping Center
    
    
    
    
    
    
    515,250
    
    
    
    2,332,486
    
    
    
    369,555
    
    
    
    517,446
    
    
    
    2,699,845
    
    
    
    3,217,291
    
    
    
    709,175
    
    
    
    1986/97
    
    
    
    1997
    
    
    
    3-40
    
    
    YearsVillage on Parkway
    
    
    47,000,000
    
    
    
    16,940,000
    
    
    
    30,852,577
    
    
    
    3,093,113
    
    
    
    16,940,000
    
    
    
    33,945,690
    
    
    
    50,885,690
    
    
    
    1,726,948
    
    
    
    1980
    
    
    
    2004
    
    
    
    3-40
    
    
    YearsActive Development Projects:Central Park
    
    
    
    
    
    
    1,437,374
    
    
    
    
    
    
    
    3,695,878
    
    
    
    1,437,374
    
    
    
    3,695,878
    
    
    
    5,133,252
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/AColonial Grand at Canyon Creek
    
    
    
    
    
    
    3,255,045
    
    
    
    
    
    
    
    3,312,505
    
    
    
    3,255,045
    
    
    
    3,312,505
    
    
    
    6,567,550
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/AColonial Grand at Double Creek
    
    
    
    
    
    
    3,505,449
    
    
    
    
    
    
    
    376,192
    
    
    
    3,505,449
    
    
    
    376,192
    
    
    
    3,881,641
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/AColonial Grand at Round Rock
    
    
    
    
    
    
    2,403,869
    
    
    
    
    
    
    
    17,901,001
    
    
    
    2,403,869
    
    
    
    17,901,001
    
    
    
    20,304,870
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/AColonial Grand at Silverado Reserve
    
    
    
    
    
    
    2,297,761
    
    
    
    
    
    
    
    17,462,548
    
    
    
    2,297,761
    
    
    
    17,462,548
    
    
    
    19,760,309
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/AColonial Center TownPark 300
    
    
    
    
    
    
    2,392,000
    
    
    
    
    
    
    
    7,397,563
    
    
    
    2,392,000
    
    
    
    7,397,563
    
    
    
    9,789,563
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/AColonial Pinnacle Craft Farms
    
    
    
    
    
    
    7,059,359
    
    
    
    
    
    
    
    9,119,303
    
    
    
    7,059,359
    
    
    
    9,119,303
    
    
    
    16,178,662
    
    
    
    
    
    
    
    N/A
    
    
    
    2004
    
    
    
    
    
    
    
    N/AColonial Pinnacle Tutwiler Farm
    
    
    
    
    
    
    2,915,467
    
    
    
    
    
    
    
    14,557,669
    
    
    
    2,915,467
    
    
    
    14,557,669
    
    
    
    17,473,136
    
    
    
    
    
    
    
    N/A
    
    
    
    2004
    
    
    
    
    
    
    
    N/AColonial Promenade Fultondale
    
    
    
    
    
    
    1,984,971
    
    
    
    
    
    
    
    
    
    
    
    1,984,971
    
    
    
    
    
    
    
    1,984,971
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/AColonial Traditions at Gulf Shores
    
    
    
    
    
    
    17,894,246
    
    
    
    
    
    
    
    268,736
    
    
    
    17,894,246
    
    
    
    268,736
    
    
    
    18,162,982
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/AColonial Traditions at South Park
    
    
    
    
    
    
    1,993,941
    
    
    
    
    
    
    
    19,688
    
    
    
    1,993,941
    
    
    
    19,688
    
    
    
    2,013,629
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/ANorthrop Grumman
    
    
    
    
    
    
    1,477,946
    
    
    
    
    
    
    
    
    
    
    
    1,477,946
    
    
    
    
    
    
    
    1,477,946
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/AThe Renwick
    
    
    
    
    
    
    3,578,796
    
    
    
    
    
    
    
    496,027
    
    
    
    3,578,796
    
    
    
    496,027
    
    
    
    4,074,823
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/ACondominium Conversion Properties:Murano at Delray Beach
    
    
    
    
    
    
    
    
    
    
    56,238,824
    
    
    
    (20,526,387
    )
    
    
    
    
    
    
    35,712,437
    
    
    
    35,712,437
    
    
    
    N/A
    
    
    
    2002
    
    
    
    2005
    
    
    
    
    
    
    
    N/APortofino at Jensen Beach
    
    
    
    
    
    
    
    
    
    
    63,094,381
    
    
    
    (32,120,255
    )
    
    
    
    
    
    
    30,974,126
    
    
    
    30,974,126
    
    
    
    N/A
    
    
    
    2002
    
    
    
    2005
    
    
    
    
    
    
    
    N/AUnimproved Land:Bellevue Land
    
    
    
    
    
    
    4,922,729
    
    
    
    
    
    
    
    
    
    
    
    4,922,729
    
    
    
    
    
    
    
    4,922,729
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/ACanal Place Land and Infrastructure
    
    
    
    
    
    
    10,951,968
    
    
    
    
    
    
    
    
    
    
    
    10,951,968
    
    
    
    
    
    
    
    10,951,968
    
    
    
    
    
    
    
    N/A
    
    
    
    2005
    
    
    
    
    
    
    
    N/ACorporate Assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,758,240
    
    
    
    
    
    
    
    12,758,240
    
    
    
    12,758,240
    
    
    
    6,444,943
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    3-7
    
    
    YearsHeathrow Land and Infrastructure
    
    
    
    
    
    
    12,250,568
    
    
    
    
    
    
    
    1,663,187
    
    
    
    13,913,755
    
    
    
    
    
    
    
    13,913,755
    
    
    
    
    
    
    
    N/A
    
    
    
    2002
    
    
    
    
    
    
    
    N/ALakewood Ranch
    
    
    
    
    
    
    47,990
    
    
    
    
    
    
    
    1,211,704
    
    
    
    1,184,814
    
    
    
    74,880
    
    
    
    1,259,694
    
    
    
    
    
    
    
    N/A
    
    
    
    1999
    
    
    
    
    
    
    
    N/AMansell Land and Infrastructure
    
    
    
    
    
    
    2,664,265
    
    
    
    
    
    
    
    724,609
    
    
    
    3,388,874
    
    
    
    
    
    
    
    3,388,874
    
    
    
    
    
    
    
    N/A
    
    
    
    1997
    
    
    
    
    
    
    
    N/ATownPark Land and Infrastructure
    
    
    
    
    
    
    8,902,943
    
    
    
    
    
    
    
    1,442,923
    
    
    
    10,345,866
    
    
    
    
    
    
    
    10,345,866
    
    
    
    
    
    
    
    N/A
    
    
    
    1999
    
    
    
    
    
    
    
    N/AOther Miscellaneous Projects
    
    
    
    
    
    
    1,143,896
    
    
    
    
    
    
    
    6,155,674
    
    
    
    
    
    
    
    7,299,570
    
    
    
    7,299,570
    
    
    
    800,549
    
    
    
    N/A
    
    
    
    2002
    
    
    
    
    
    
    
    N/A$
    768,996,994
    
    
    $
    690,001,906
    
    
    $
    2,930,893,602
    
    
    $
    933,197,718
    
    
    $
    666,306,442
    
    
    $
    3,887,786,784
    
    
    $
    4,554,093,225
    
    
    $
    463,109,242




---



##### Table of Contents



NOTES TO SCHEDULE III
COLONIAL REALTY LIMITED PARTNERSHIP
December 31, 2005
 (1)
    
    The aggregate cost for Federal Income Tax purposes was approximately $3.4 billion at December 31, 2005.(2)
    
    See description of mortgage notes payable in Note 9 of Notes to Consolidated Financial Statements.(3)
    
    The following is a reconciliation of real estate to balances reported at the beginning of the year:(4)
    
    Amounts include real estate assets classified as held for sale at December 31, 2005.
 Reconciliation of Real Estate
 2005
    
    
    2004
    
    
    2003Real estate investments:Balance at beginning of year
    
    $
    3,091,323,963
    
    
    $
    2,510,449,263
    
    
    $
    2,380,762,598Acquisitions of new property
    
    
    2,150,264,089
    
    
    
    478,208,477
    
    
    
    78,742,469Improvements and development
    
    
    254,999,732
    
    
    
    143,497,725
    
    
    
    87,675,381Dispositions of property
    
    
    (942,494,559
    )
    
    
    (40,831,502
    )
    
    
    (36,731,185
    )Balance at end of year
    
    $
    4,554,093,225
    
    
    $
    3,091,323,963
    
    
    $
    2,510,449,263
 Reconciliation of Accumulated Depreciation
 2005
    
    
    2004
    
    
    2003Accumulated depreciation:Balance at beginning of year
    
    $
    505,988,402
    
    
    $
    425,487,601
    
    
    $
    351,163,907Depreciation
    
    
    135,929,433
    
    
    
    104,935,782
    
    
    
    88,562,633Depreciation of
disposition of
property
    
    
    (178,808,593
    )
    
    
    (24,434,981
    )
    
    
    (14,238,939
    )Balance at end of year
    
    $
    463,109,242
    
    
    $
    505,988,402
    
    
    $
    425,487,601