Colonial Properties Trust Announces Acquisition of Five Multifamily Communities in Key Markets.

BIRMINGHAM, Ala. -- Colonial Properties Trust (NYSE: CLP), a real estate investment trust that owns a portfolio of multifamily, office and retail properties, announced the acquisition of five multifamily communities in Arizona, Georgia, Texas and North Carolina for a total of $171.7 million. Colonial Grand at Scottsdale, in Scottsdale, Arizona was purchased for $29.6 million. Colonial Grand at Pleasant Hill was purchased for $45.4 million and Colonial Grand at Shiloh was purchased for $50.4 million; both are located in Atlanta, Georgia. Colonial Village at Oakbend, in Dallas, Texas, was purchased for $32.0 million. Colonial Grand at University Center, located in Charlotte, N.C. was acquired for $14.3 million. The investments, which were funded through proceeds received from asset sales and the company's unsecured line of credit, add 1,762 Class A apartment units with an average age of 7.6 years.

"These properties are a great addition to Colonial Properties Trust and enhance our portfolios across the Sunbelt," said Paul Earle, executive vice president of Colonial Properties Trust multifamily division. "Additionally, this furthers the company strategy of increasing our emphasis in multifamily."

Colonial Grand at Scottsdale (formerly San Cabrilla) with 180 units was acquired on July 31st and was 86 percent occupied. Colonial Grand at Pleasant Hill (formerly Alara at Pleasant Hill) with 502 units was acquired on August 31st and was 96 percent occupied. Colonial Grand at Shiloh (formerly Somerset at Shiloh) with 498 units was acquired on September 8th and was 92 percent occupied. Colonial Village at Oakbend (formerly Amli at Oak Bend) with 426 units was acquired on September 28th and was 95 percent occupied. Colonial Grand at University Center (formerly The Vinings at University Center) with 156 units was acquired November 1st and was 95 percent occupied.

Colonial Properties Trust, through its subsidiaries, owns a portfolio of multifamily, office and retail properties throughout 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 September 30, the company owns or manages 46,125 apartment units, 17.7 million square feet of office space and 12.1 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.

Safe Harbor Statement

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Estimates of future earnings, by definition, and certain other statements in this press release may, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance, achievements or transactions to be materially different from the results, performance, achievements or transactions expressed or implied by the forward looking statements. Factors that impact such forward looking statements include, among others, real estate conditions and markets; performance of affiliates or companies in which we have made investments; changes in operating costs; legislative or regulatory decisions; our ability to continue to maintain our status as a REIT for federal income tax purposes; our ability to close transactions; the effect of any rating agency action; 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; or other factors affecting the real estate industry generally.

Except as otherwise required by the federal securities laws, the company assumes no responsibility to update the information in this press release.

The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2005, as may be updated or supplemented in the company's Form 10-Q filings, which discuss these and other factors that could adversely affect the company's results.