n e w s

April 21, 2006
For more information, contact Colonial Properties Trust:
David Fullington, 205.262.4722, dfullington@colonialprop.com or
Kyle Collins, 256.518.2274, kcollins@colonialprop.com

Colonial Properties Trust announces office tower at Colonial Brookwood Village

Birmingham, AL, April 21, 2006 ---- Colonial Properties Trust (NYSE: CLP), a diversified real estate investment trust that owns a portfolio of multifamily, office and retail properties, announced plans today to construct a Class A office tower at Colonial Brookwood Village as part of the property's redevelopment into an urban mixed-use community. The five-story building, Colonial Center at Brookwood Village, will contain 10,000 square feet of upscale retail shops on the ground floor and an estimated 160,000 square feet of office space. Johnston Barton Proctor & Powell LLP (Johnson Barton) a full-service national law firm with more than 50 attorneys, has signed on as lead client and will occupy 40,000 square feet of office space. Colonial Brookwood Village is strategically located at the hub of Mountain Brook, Vestavia and Homewood on Lakeshore Drive.

Located in the most affluent neighborhood of Birmingham, Colonial Brookwood Village is anchored by Parisian, Macy's and Gus Mayer and features five upscale restaurants exclusive to the Birmingham area. Colonial Properties Trust bought the property in 1997 for $35 million and spent $50 million in renovations. Colonial Center at Brookwood Village will be located nearest Parisian and the Brookwood Convenience Center.

Construction, which will be financed from the Company's unsecured line of credit and will cost $35.8 million, will begin immediately, according to Kyle Collins, senior vice president of Colonial Properties' office division.

"We are bringing an example of new urbanism to Midtown Birmingham," said Collins. "We are mixing retail, restaurants and now office to create an environment that is free-flowing and pedestrian-friendly and goes back to traditional neighborhood development," said Collins. "In addition to the superior location, Colonial Center at Brookwood Village will feature underground parking and is designed to provide a high-performance workplace environment for Johnston Barton and future clients."

Johnston Barton, a full-service national law firm with more than 50 lawyers, has been located downtown since its founding in 1926. It has been in the AmSouth/Harbert Plaza building since 1992 and had no plans to move, according to David Proctor, its managing partner. But when plans to stay didn't work out to their satisfaction, they began negotiations with Colonial, Proctor said. "Moving to Colonial Center will accommodate our expansion needs," Proctor said. "We will also have free parking for lawyers, staff and clients. The growth of Birmingham is headed in this direction and many of our clients are moving out this way as well. The Colonial team did a great job, our staff is thrilled and we're excited to be the anchor tenant."

"We are bringing to Midtown Birmingham an example of new urbanism," said Kyle Collins, Senior Vice President of Colonial Properties Office Division. "We are mixing excellent brand names of retail, restaurants and now office to help create an environment that is free-flowing and pedestrian-friendly and goes back to traditional neighborhood development," said Collins. "This will be a Class A building in a Class A location and provide prestige to its occupants, but more importantly provide a high-performance workplace environment for Johnston Barton and future clients."

Colonial Center at Brookwood Village

"This represents an example of companies that value image and also put a premium on bottom-line occupancy costs," said David Fullington, Vice President of Leasing for Colonial Properties' Office Division in Birmingham. "Colonial Center at Brookwood Village offers the best of both - prestigious address and central location, rich with upscale shopping and restaurants and other amenities that are important to employees and their workplace. We labored long and hard to design a highly efficient building and floor plate so the professional firms can occupy less square feet than they do in their current, older, less-efficient buildings."

"Johnston Barton represents the caliber of professional firms that we want to attract to Colonial Center: a long-standing name in our community with the highest integrity," Fullington said.

Joe Sandner III and Bill Pradat of Eason Graham & Sandner served as brokers for Johnston Barton.

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 $5.6 billion. As of Dec. 31, 2005 the company owns or manages 46,537 apartment units, 20.2 million square feet of office space and 11.5 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 .