Colonial Properties Trust Announces Quarterly Dividend on Preferred Shares.

BIRMINGHAM, Ala. -- Colonial Properties Trust (NYSE: CLP) announced that its Board of Trustees declared second quarter 2007 dividends for the company's preferred shares.

The Series D Depositary Shares, each representing 1/10 of a share of the Company's 81/8% Series D Cumulative Redeemable Preferred Shares, dividend of $0.5078125 per depositary share will be paid on July 31, 2007 to shareholders of record on July 16, 2007, representing an ex-dividend date of July 12, 2007. The dividend on the Series D Depository Shares represents an annualized dividend of $2.03125 per depositary share.

Colonial Properties Trust is a multifamily-focused real estate investment trust (REIT) that creates additional value for its shareholders by managing commercial assets through joint venture partnerships and aggressively pursuing development opportunities. As of March 31, 2007, the company owned or managed 40,162 apartment units, 16.8 million square feet of office space and 12.3 million square feet of retail shopping space located in key Sunbelt states from Virginia to California. 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, please visit the company's website at www.colonialprop.com.

Safe Harbor Statement

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain 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; our ability to implement our previously announced strategic plan to focus predominantly on multifamily properties; 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 successfully close previously announced 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, 2006, 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.