p r e s s   r e l e a s e s

COLONIAL PROPERTIES TRUST ESTABLISHES PRESENCE IN MIAMI
WITH OFFICE PURCHASE IN BRICKELL AVENUE SUBMARKET

BIRMINGHAM, Ala., (May 2, 2005) - Colonial Properties Trust (NYSE: CLP) announced today its first purchase in Miami, the 19-story, 235,532 square foot Colonial Bank Centre office building located at 1200 Brickell Avenue.

“We are very pleased that our first purchase in Miami is in the highly desirable and prominently located Brickell Avenue submarket,” said Tom Hallowell, Senior Vice President for Colonial's Office Division. “This is not an easy market to break into due to the scarcity of land and development of high-rise condos,” he said.

The purchase of the building is part of Colonial Properties' growth strategy and establishes the company's presence in Miami, said Dallas Whitaker, Vice President and Market Officer for Colonial Properties. “This is a key market for the office division of Colonial Properties and we are actively seeking opportunities to expand our presence in Florida and throughout the SunBelt,” said Whitaker.

The building, which was purchased at a significant discount to replacement cost, offers convenient access to major transportation arteries serving the Miami area. “It has outstanding amenities, above market average parking ratio and a high quality, diverse rent roll,” said Hallowell.       

1200 Brickell Avenue was built in 1982 and renovated in 1996.   Colonial Bank is the largest tenant of the building, which is approximately 83 percent leased.  

“These assets fit well in our portfolio and offers Colonial a significant opportunity to increase net operating income through lease up and tenant rollover,” said Whitaker.

Colonial Properties Trust is a diversified REIT that, through its subsidiaries, owns a portfolio of multifamily, office and retail properties where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Virginia, Tennessee, Texas, Arizona, Nevada and New Mexico. Colonial Properties Trust performs development, acquisition, management, leasing and brokerage services for its portfolio and properties owned by third parties.   Colonial Properties Trust is a diversified REIT, which has a total market capitalization in excess of $3.5 billion. The foundation of Colonial Properties' success is its live, work and shop diversified investment strategy.   The Company manages or leases 29,100 apartment units, 6.8 million square feet of office space and 15.6 million square feet of retail shopping space.   In 2003, the National Association of Industrial and Office Properties (NAIOP) named Colonial Properties Trust “National Developer of the Year”.   Additional information on Colonial Properties Trust is available on the Internet www.colonialprop.com.   The Company, headquartered in Birmingham, Ala., is listed on the New York Stock Exchange under the symbol “CLP” and is included in the S&P SmallCap 600 Index.

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