CRT Properties, Inc. Completes Merger with DRA Advisors LLC.

BOCA RATON, Fla. -- CRT Properties, Inc. (NYSE:CRO)("CRT" or the "Company") announced today the completion of its planned merger with an investment fund managed by DRA Advisors LLC ("DRA") and Colonial Properties Trust (NYSE:CLP), a minority interest owner and acting property manager.

Pursuant to the terms of the Agreement and Plan of Merger, dated June 17, 2005, among CRT, DRA G&I Fund V Real Estate Investment Trust and DRA CRT Acquisition Corp., holders of CRT's common stock received $27.80 per share in cash upon the closing of the merger, plus an additional $0.3348 per share for accrued but undeclared dividends through the closing date. The total consideration paid to holders of CRT common stock and options was approximately $914.5 million and the total transaction value was approximately $1.8 billion, which included indebtedness assumed or repaid and transaction costs.

The Company's 8.5% Series A Cumulative Redeemable Preferred stock was automatically converted into shares of 8.5% Series A Cumulative Redeemable Preferred Stock of the surviving corporation. Filings to deregister the Company under the Securities Exchange Act of 1934 and to delist the common and preferred stock from the New York Stock Exchange were made following completion of the merger.

The paying agent for the merger transaction is Wells Fargo Bank, N.A. All questions relating to receipt of the merger or option consideration should be directed to Wells Fargo at 1-800 468-9716.

About CRT Properties, Inc.

CRT Properties, Inc. owns approximately 11.7 million rentable square feet of office space located in over twenty-five office projects in twelve metropolitan areas in the Southeastern United States, Texas and Maryland.

About DRA Advisors LLC

DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations and insurance companies. Upon closing of this transaction, the firm, which was founded in 1986, will manage approximately $5.1 billion in assets. Additional information about DRA can be found on the company's web site at http://www.draadvisors.com.

About Colonial Properties Trust

Colonial Properties Trust, through its subsidiaries, owns a portfolio of multifamily, office and retail properties in the Sunbelt. Colonial Properties Trust performs development, acquisition, management, leasing and brokerage services for its portfolio and properties owned by third parties. The company has a total market capitalization of approximately $5.5 billion. Upon completion of this investment, the company will own or manage 47,700 apartment units, 20.0 million square feet of office space and 13.5 million square feet of retail shopping space. Headquartered in Birmingham, Ala., Colonial Properties is listed on the New York Stock Exchange under the symbol CLP and is included in the S&P SmallCap 600 Index. For more information, visit http://www.colonialprop.com.