Colonial Properties Trust Sells Two Shopping Mall Properties.

BIRMINGHAM, Ala. -- Colonial Properties Trust (NYSE: CLP), a diversified real estate investment trust, announced today that it has completed the sale of Colonial Mall Macon, located in Macon, Ga., and Colonial Mall Burlington, located in Burlington, N.C., to The Lightstone Group. There was no debt associated with these assets. Colonial Properties Trust will use the proceeds from the sale to reduce the borrowings against its unsecured line of credit and to support its development pipeline.

Colonial Mall Macon, developed by Colonial Properties Trust in 1975 and expanded in 1997, is a 1.4 million square foot regional mall. It is anchored by Macy's, Belk, Dillard's, Parisian, Sears and J.C. Penney department stores. As of March 31, 2005, the mall was 92.6 percent occupied.

Colonial Mall Burlington, acquired by Colonial Properties Trust in 1997, is a 415,000 square foot mall. It is anchored by Belk, Sears, Goody's and J.C. Penney department stores. As of March 31, 2005, the mall was 97.1 percent occupied.

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 billion. As of April 1, the company owned or managed 49,300 apartment units, 7.2 million square feet of office space and 15.8 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.