Colonial Properties Trust Signs BayCare Health System to Colonial Center Bayside Lease.

BIRMINGHAM, Ala. -- Colonial Properties Trust (NYSE:CLP), a real estate investment trust that owns a portfolio of multifamily, office and retail properties, signed BayCare Health System to a 10-year lease for 47,200 square feet in Colonial Center Bayside in Clearwater, Florida. Colonial Properties purchased Bayside in April 2005 when the property, located in the Mangrove Bay Office Center on US Highway 19, was at 50 percent occupancy. Bayside's occupancy rate has grown to 92 percent.

"This is an excellent example of our opportunistic buying strategy paying-off," said Dallas Whitaker, senior vice president, Colonial Properties Trust. "We purchased these buildings in the spring of 2005, when they were 50 percent occupied. This nearly 50,000 square foot, long-term lease raises occupancy to 92 percent in just over one year."

BayCare Health System is a family of health care providers consisting of the nine leading not-for-profit hospitals in the Tampa Bay region.

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 March 31, the company owns or manages 43,937 apartment units, 20.3 million square feet of office space and 11.6 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.

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