Colonial Properties Trust Acquires a Multifamily Property in Atlanta, Georgia.

BIRMINGHAM, Ala. -- Colonial Properties Trust (NYSE: CLP), a diversified real estate investment trust that owns a portfolio of multifamily, office and retail properties, today announced the acquisition of a 20% ownership interest in Huntcliff Village, a 358 unit multifamily property located in Atlanta, Georgia. The purchase price of the asset was $38.8 million. The property is six years old and occupancy is 95.5 percent.

"This acquisition allows us to continue to grow and develop our portfolio in the Atlanta market which is part of our high growth Sunbelt strategy" said Paul Earle, executive vice president of the company's multifamily division.

The company's joint venture partner in this transaction is The Tuckerman Group (New York based investment company). This represents the second joint venture CLP and Tuckerman have forged within the past 8 months.

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 $5.6 billion. As of Dec. 31, 2005 the company owns or manages 46,537 apartment units, 20.2 million square feet of office space and 11.5 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 www.colonialprop.com.