Colonial Properties Trust Acquires Four Multifamily Properties in Key Markets.

BIRMINGHAM, Ala. -- Colonial Properties Trust (NYSE: CLP), a diversified real estate investment trust, acquired four multifamily properties located in key markets in North Carolina and Tennessee from Schaedle Worthington Hyde Properties for $110.8 million. The investment adds 1,157 Class A apartment units with an average asset age of 8 years. Occupancy in the portfolio is currently 96 percent. The purchase includes 58 acres of undeveloped land valued at $6.3 million contiguous to the two properties in Tennessee. This acquisition was funded from proceeds received from previous property dispositions.

"This portfolio of Class A properties is located in strategic high growth Sunbelt cities which complement our existing portfolio and provide additional land for future development" said Paul Earle, executive vice president of the company's multifamily division.

Properties acquired in this transaction include: Colonial Grand at Crabtree with 210 units, located in Raleigh, N.C.; Colonial Grand at Mallard Lake with 302 units, located in Charlotte, N.C.; Colonial Grand at Bellevue, with 349 units, located in Nashville, Tenn.; and Colonial Grand at Shelby Farms with 296 units, located in Memphis, Tenn. Land acquired includes 50 acres zoned for 350 multifamily units adjacent to CG at Bellevue and 8 acres zoned for 144 units adjacent to CG at Shelby Farms.

Colonial Properties Trust, through its subsidiaries, owns a portfolio of multifamily, office and retail properties where you live, work and shop 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. As of Sept. 30, the company owns or manages 48,100 apartment units, 20.2 million square feet of office space and 13.6 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 www.colonialprop.com.