Colonial Properties Trust to develop Colonial Town Park at Randal Park in Central Florida.

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 that it has purchased Randal Park in Orlando, Florida which consists of 712 acres located south and west of the intersection of the Central Florida Greenway (SR 417) and the Bee Line Expressway (SR 528), and north of the Dowden Road right-of-way. The purchase price was $39.5 million, which was funded through the Company's unsecured line of credit.

"Our company's ability to react quickly to this opportunity and our flexibility with land purchases sets Colonial Properties apart from our competitors. We can develop stand alone multifamily sites or multifamily sites within a mixed use environment with other Colonial Properties divisions," said Paul Earle, Executive Vice President of the Multifamily Division. "We look forward to this new relationship with Centex Homes.

Centex Homes has an option to purchase three villages containing 1,150 residential homes. Colonial Properties will keep 69 acres which will be Colonial Town Park at Randal Park consisting of 600 luxury apartment homes, 100,000 sq. feet of office space, and 200,000 sq. feet of retail space. "We are confident that Colonial Properties and Centex Homes combined expertise, vision and commitment for Randal Park will result in Central Florida's premier and most vibrant new urban project," said Patrick Knight, President of Centex Homes Central Florida Division.

About Colonial Properties Trust

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 $5.9 billion. As of March 31, the company owned or managed 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.

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; changes in operating costs; legislative or regulatory decisions; our ability to continue to maintain our status as a REIT for federal income tax purposes; 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, which discuss these and other factors that could adversely affect the company's results.