EX-99.2 3 g14312exv99w2.htm EX-99.2 SUPPLEMENTAL FINANCIAL HIGHLIGHTS EX-99.2 SUPPLEMENTAL FINANCIAL HIGHLIGHTS
Exhibit 99.2
(COLONIAL PROPERTIES TRUST LOGO)

 


 

Colonial Properties Trust
TABLE OF CONTENTS
         
Overview and Contact Information
    3  
1. Financial Highlights
    4  
2. Quarterly Earnings Announcement and Financial Statements
       
Consolidated Statements of Income
    5  
Funds from Operations (FFO) Reconciliation / Shares
    6  
Balance Sheet
    7  
3. Multifamily
       
Portfolio Statistics
    8  
Components of Net Operating Income (NOI)
    9  
Capitalized Expenses and Maintenance Expenses
    9  
Same Property Comparisons
    10  
4. Joint Ventures
       
Operating Data / Balance Sheet Data
    13  
Investment Summary
    14  
Three Month and Six Month Income Summary
    15  
Operational Statistics
    17  
5. For-Sale Residential Activities
    18  
6. Consolidated Data
       
Development Pipeline
    19  
Significant Property Acquisitions and Dispositions
    21  
Debt Summary/Coverage Ratios/Covenants/Market Capitalization
    22  
Supplemental Data / Investment Activities
    24  
7. Corporate Reconciliations
       
Revenues / Expenses / NOI
    25  
NOI from Discontinued Operations/EBITDA
    27  
SEC Coverage Ratios
    28  
8. Appendix
       
Multifamily Community Table
    29  
Office Property Table
    32  
Retail Property Table
    34  
Unconsolidated Joint Venture Summary
    35  
9. Glossary of Terms
    36  
Forward Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this supplemental package 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 or achievements to be materially different from the results, performance or achievements 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; volatility of for-sale residential markets; changes in operating costs; legislative or regulatory decisions; our ability to continue to maintain our status as a REIT for federal income tax purposes; the cost and availability of new debt financings; volatility of interest rates or capital market conditions; effect of any terrorist activity; or other factors affecting the real estate industry generally.
Except as otherwise required by the federal securities laws, the company assumes no liability to update the information in this supplemental package.
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 “Business-Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 and the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, which discuss these and other factors that could adversely affect the Company’s results.
7/21/2008
         
2Q08   -2-   NYSE: CLP

 


 

(CLP LISTED NYSE LOGO)   (COLONIAL PROPERTIES TRUST LOGO)   (S&P SMALL CAP 600 LOGO)
COLONIAL PROPERTIES TRUST
Colonial Properties Trust (NYSE:CLP) is a multifamily real estate investment trust (REIT) that creates additional value for its shareholders by managing commercial assets through joint venture partnerships and pursuing development opportunities in the Sunbelt region of the United States. With a long history as both a private and a public company, the company has a proven track record in real estate operations and development.
Originally founded in 1970, and headquartered in Birmingham, Alabama, Colonial Properties Trust completed its initial public offering in September 1993. The Company, which is included in the S&P SmallCap 600 Index, is listed on the New York Stock Exchange under the symbol “CLP”.
Our commitment to excellence allows us to successfully serve our residents, clients and customers. Our focus on quality, service, value and integrity enable to us to meet our goal of managing a high quality portfolio that focuses on superior investor returns.
COLONIAL PROPERTIES STRATEGY
Achieve Consistent Long-term Performance through:
    Owning a multifamily portfolio
 
    Investing in high growth Sunbelt cities
 
    Pursuing strategic acquisition, disposition and development opportunities
 
    Achieving operating excellence
 
    Managing multifamily, office, retail and mixed-use properties
 
    Emphasizing mixed-use development
 
    Delivering additional income from the taxable REIT subsidiary (TRS)
 
    Ensuring a strong balance sheet and liquidity position
CONTACT INFORMATION
     
Headquarters
  Investor Relations
Colonial Properties Trust
  Jerry Brewer
2101 Sixth Avenue North, Suite 750
  Executive Vice President, Finance
Birmingham, Alabama 35203
  800-645-3917
205-250-8700
  704-552-8538 — fax
205-250-8890 — fax
   
 
   
www.colonialprop.com
  To receive an Investor Package, please contact:
 
  800-645-3917
 
  704-643-7970
TRANSFER AGENT
     
Computershare
P.O. Box 43010
Providence, RI 02940-3010
Investor Relations: 800-730-6001
www.computershare.com
  The Company’s Transfer Agent manages all activities for registered shareholders including basic account updates, initial share purchases, dividend reinvestments, share transfers and sales as well as optional cash investments.
EQUITY RESEARCH COVERAGE
         
Bank of America
  Dustin Pizzo   212-847-5771
BB&T Capital Markets
  Craig Kucera / Steve Radanovic   703-245-0909 / 703-245-0907
BMO Capital Markets
  Rich Anderson   212-885-4180
Cantor Fitzgerald
  Philip Martin   312-469-7485
Citigroup Smith Barney
  Michael Bilerman / David Toti   212-816-1383 / 917-903-9407
Green Street Advisors
  Haendel St. Juste   949-640-8780
Keefe, Bruyette & Woods
  Steve Swett   212-887-3680
Merrill Lynch
  David Bragg   212-449-8922
Morgan Keegan
  Napoleon Overton / Jason Payne   901-579-4865 / 901-531-3327
Standard & Poor’s Research
  Raymond Mathis   212-438-9558
Stifel Nicolaus
  Rod Petrick   410-454-4131
UBS
  Alex Goldfarb   212-713-8602
Wachovia Capital Markets
  Jeff Donnelly   617-603-4262
GUIDANCE
                 
    FYE 2008 Range  
Diluted Earnings per Share
  $ 1.85     $ 2.15  
Plus: Real Estate Depreciation & Amortization
    1.60       1.60  
Less: Gain on Sale of Assets
    (1.30 )     (1.50 )
 
           
Diluted Funds from Operations per Share (1)
  $ 2.15     $ 2.25  
 
           
 
(1)   The Company’s option to redeem its outstanding 8 1/8 percent Series D preferred shares began in late April 2008. If the Company redeems the remaining outstanding Series D preferred shares in 2008, the Company would expect to record a non-cash charge of $0.06 per diluted share related to the write-off of Series D preferred issuance costs. The 2008 FFO per share guidance range does not include the impact of the non-cash charge related to such redemption.
         
2Q08   -3-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Financial Highlights
Second Quarter 2008
FINANCIAL HIGHLIGHTS
                                 
($ in 000s, except per share and unit data)   Three Months Ended     Six Months Ended  
    6/30/2008     6/30/2007     6/30/2008     6/30/2007  
 
                               
Total property revenues (1)
  $ 83,471     $ 121,052     $ 164,386     $ 246,800  
 
                               
Multifamily property revenues (1)
    77,934       75,778       154,013       149,696  
Multifamily property NOI (1)
    48,130       45,613       94,266       89,693  
 
                               
Management & leasing fee revenues
    5,151       5,312       10,449       8,554  
 
                               
EBITDA (2)
    59,766       72,036       118,409       156,344  
 
                               
Net income
                               
Per share — basic
    0.19       6.60       0.50       7.31  
Per share — diluted
    0.19       6.51       0.50       7.21  
 
                               
Funds from operations
                               
Per share — basic
    0.57       0.36       1.15       1.13  
Per share — diluted
    0.57       0.35       1.15       1.12  
 
                               
Dividends per share
    0.50       0.68       1.00       1.36  
 
                               
Dividends/EPS (diluted) payout ratio
    263.2 %     10.4 %     200.0 %     18.9 %
Dividends/FFO (diluted) payout ratio
    87.7 %     194.3 %     87.0 %     121.4 %
 
                               
Consolidated interest expense (1)
  $ 17,013     $ 26,573     $ 34,492     $ 54,483  
Consolidated interest income (1)
    (1,184 )     (2,095 )     (1,976 )     (4,229 )
 
                       
Net interest expense (1)
    15,829       24,478       32,516       50,254  
 
                               
Pro-rata share of joint venture interest expense
    7,771       5,621       15,712       10,862  
 
                               
Principal amortization
    165       968       364       2,556  
Preferred dividends & distributions
    3,993       5,683       8,307       11,985  
 
                               
Interest coverage ratio
    2.4x       2.2x       2.4x       2.4x  
Fixed charge coverage ratio
    2.1x       1.8x       2.0x       2.0x  
Fixed charge w/capitalized interest ratio
    1.7x       1.6x       1.6x       1.7x  
 
                               
Multifamily same property NOI Increase (3)
    3.2 %     5.0 %     3.4 %     5.1 %
(# of apartment homes included)
    27,322       24,732       27,322       24,732  
                 
    As of     As of  
    6/30/2008     12/31/2007  
 
               
Total assets
  $ 3,284,794     $ 3,229,830  
Total debt
  $ 1,748,992     $ 1,641,839  
Common shares and units, outstanding end of period
    57,429       57,269  
Share price, end of period (4)
  $ 20.02     $ 22.63  
Preferred shares and units, end of period
  $ 202,906     $ 225,000  
Book equity value, end of period (5)
  $ 1,410,350     $ 1,460,328  
Market equity value, end of period (5)
  $ 1,149,729     $ 1,295,997  
 
               
Debt to total market capitalization ratio (6)
    56.4 %     51.9 %
 
               
Unencumbered real estate assets (at cost) to unsecured debt ratio (6)
    211.5 %     207.9 %
 
(1)   Represents consolidated properties including amounts classified in discontinued operations. For the GAAP reconciliation of revenues, expenses and NOI, see page 25 and 26.
 
(2)   For a reconciliation of EBITDA, see page 27.
 
(3)   Multifamily same-property communities are communities which were owned by the Company and stabilized as of January 1, 2007, as adjusted for dispositions during the year.
 
(4)   Stock price as of June 30, 2008 and December 31, 2007 includes effect of special dividend of $10.75 per share, which was paid during 2007.
 
(5)   Includes common shares and units.
 
(6)   Excludes the Company’s pro-rata share of partially-owned unconsolidated debt.
         
2Q08   -4-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Financial Statements
Second Quarter 2008
CONSOLIDATED STATEMENTS OF INCOME
                                 
($ in 000s, except per share data)   Three Months Ended     Six Months Ended  
    6/30/2008     6/30/2007     6/30/2008     6/30/2007  
Revenue
                               
Minimum Rent
  $ 63,974     $ 87,826     $ 126,545     $ 179,180  
Tenant Recoveries
    1,374       4,431       2,241       9,664  
Other Property Related Revenue
    8,294       8,641       15,747       16,076  
Construction Revenues
    569       8,068       8,449       20,853  
Other Non-Property Related Revenue
    5,151       5,312       10,449       8,554  
 
                       
Total Revenue
    79,362       114,278       163,431       234,327  
 
                               
Operating Expenses
                               
Operating Expenses:
                               
Property Operating Expenses
    18,688       24,839       37,048       49,549  
Taxes, Licenses, and Insurance
    9,103       11,859       18,470       24,463  
 
                       
Total Property Operating Expenses
    27,791       36,698       55,518       74,012  
 
                               
Construction Expenses
    564       7,495       7,830       19,866  
Property Management Expenses
    2,072       3,598       4,313       7,085  
General and Administrative Expenses
    5,789       8,040       11,570       14,018  
Management Fee and Other Expenses
    4,346       4,034       8,031       6,977  
Restructuring Charges
          1,528             1,528  
Investment and Development (1)
    108       315       877       454  
Depreciation
    23,038       28,941       44,956       60,105  
Amortization
    972       3,182       1,743       8,907  
 
                       
Total Operating Expenses
    64,680       93,831       134,838       192,952  
 
                       
Income from Operations
    14,682       20,447       28,593       41,375  
 
                               
Other Income (Expense)
                               
Interest Expense & Debt Cost Amortization
    (18,280 )     (27,073 )     (36,947 )     (54,205 )
Gain (loss) on Retirement of Debt
    2,730       (9,370 )     8,201       (9,433 )
Interest Income
    1,184       2,092       1,976       4,223  
Income (loss) from Partially-Owned Investments
    2,037       (2,090 )     12,307       4,723  
Gain on Sale of Property, net of income taxes of $1,297 (Q2) and $1,690 (YTD) in 2008 and $100 (Q2) and $847 (YTD) in 2007
    3,334       289,822       5,277       291,146  
Income Taxes and Other
    (192 )     (198 )     595       (431 )
 
                       
Total Other Income (Expense)
    (9,187 )     253,183       (8,591 )     236,023  
 
                       
 
                               
Income before Minority Interest & Discontinued Operations
    5,495       273,630       20,002       277,398  
 
                               
Minority Interest
                               
Minority Interest of Limited Partners
    5       82       9       225  
Minority Interest in CRLP — Preferred
    (1,813 )     (1,813 )     (3,639 )     (3,624 )
Minority Interest in CRLP — Common
    (247 )     3,915       (1,991 )     4,369  
 
                       
Total Minority Interest
    (2,055 )     2,184       (5,621 )     970  
 
                       
 
                               
Income from Continuing Operations
    3,440       275,814       14,381       278,368  
 
                               
Discontinued Operations
                               
Income from Discontinued Operations
    5,436       1,501       9,752       8,267  
Gain on Disposal of Discontinued Operations, net of income taxes (benefit) of $0 (Q2) and ($1) (YTD) in 2008 and $156 (Q2) and $1,684 (YTD) in 2007
    4,116       39,335       7,017       74,136  
Minority Interest in CRLP — Common
    (1,655 )     (7,484 )     (2,922 )     (15,205 )
Minority Interest of Limited Partners
          (32 )     13       (73 )
 
                       
Income from Discontinued Operations
    7,897       33,320       13,860       67,125  
 
                       
 
                               
Net Income
    11,337       309,134       28,241       345,493  
 
                       
 
                               
Dividends to Preferred Shareholders
    (2,180 )     (3,870 )     (4,668 )     (8,361 )
Preferred Share Issuance Costs, Net of Discount
    (83 )     (330 )     (267 )     (330 )
 
                       
 
                               
Net Income Available to Common Shareholders
  $ 9,074     $ 304,934     $ 23,306     $ 336,802  
 
                       
 
                               
Earnings per Share — Basic
                               
Continuing Operations
  $ 0.02     $ 5.88     $ 0.20     $ 5.85  
Discontinued Operations
    0.17       0.72       0.30       1.46  
 
                       
EPS — Basic
  $ 0.19     $ 6.60     $ 0.50     $ 7.31  
 
                       
 
                               
Earnings per Share — Diluted
                               
Continuing Operations
  $ 0.02     $ 5.80     $ 0.20     $ 5.77  
Discontinued Operations
    0.17       0.71       0.30       1.44  
 
                       
EPS — Diluted
  $ 0.19     $ 6.51     $ 0.50     $ 7.21  
 
                       
 
(1)   Reflects costs incurred related to abandoned pursuits. Abandoned pursuits are volatile and therefore may vary between periods.
         
2Q08   -5-   NYSE: CLP

 


 

SECOND QUARTER FUNDS FROM OPERATIONS (FFO) RECONCILIATION
                                 
($ in 000s, except per share data)   Three Months Ended     Six Months Ended  
    6/30/2008     6/30/2007     6/30/2008     6/30/2007  
Net Income Available to Common Shareholders
  $ 9,074     $ 304,934     $ 23,306     $ 336,802  
Minority Interest in CRLP (Operating Ptr Unitholders)
    1,902       3,569       4,913       10,836  
Minority Interest in Gain/(Loss) on Sale of Undepreciated Property
          (82 )           (224 )
 
                       
Total
    10,976       308,421       28,219       347,414  
 
                               
Adjustments — Consolidated Properties
                               
Depreciation — Real Estate
    23,088       31,591       46,306       65,991  
Amortization — Real Estate
    336       2,979       702       8,678  
Remove: Gain/(Loss) on Sale of Property, net of Income Tax and Minority Interest
    (7,450 )     (329,157 )     (12,294 )     (365,282 )
Include: Gain/(Loss) on Sale of Undepreciated Property, net of Income Tax and Minority Interest
    2,205       1,144       4,130       5,397  
 
                       
Total Adjustments — Consolidated
    18,179       (293,443 )     38,844       (285,216 )
 
                               
Adjustments — Unconsolidated Properties
                               
Depreciation — Real Estate
    5,292       3,718       10,441       7,399  
Amortization — Real Estate
    2,460       1,587       4,818       3,054  
Remove: Gain/(Loss) on Sale of Property
    (4,497 )     (73 )     (16,793 )     (8,554 )
 
                       
Total Adjustments — Unconsolidated
    3,255       5,232       (1,534 )     1,899  
 
                       
 
                               
Funds from Operations (1)
  $ 32,410     $ 20,210     $ 65,529     $ 64,097  
 
                       
 
                               
FFO per Share (1)
                               
Basic
  $ 0.57     $ 0.36     $ 1.15     $ 1.13  
Diluted
  $ 0.57     $ 0.35     $ 1.15     $ 1.12  
 
(1)   Included an $18.2 million, or $0.32 per share, impact from items related to the Company’s strategic transactions that occurred in the second quarter of 2007. The transaction related and other charges are comprised of the following: 1) prepayment penalties on the retirement of debt of $29.2 million, offset by the write-off of $16.4 million of the mark-to-market intangibles and debt costs on the associated debt repaid, 2) severance charges of $1.5 million, 3) a $1.4 million charge resulting from the initiation of the company’s defined benefit pension plan termination, and 4) an impairment charge of $2.5 million related to the sale of one of the non-core retail assets. These charges are not added back to net income for the respective period when calculating FFO.
Pursuant to the definition of Funds from Operations (“FFO”) adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), FFO is calculated by adjusting net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis.
The Company believes that FFO is useful to investors because it provides an additional indicator of the Company’s financial and operating performance. This is because, by excluding the effect of real estate depreciation and gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO can facilitate comparison of operating performance among equity REITs. FFO is a widely recognized measure in the Company’s industry. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net cash flows from operating activities (determined in accordance with GAAP), as a measure of our liquidity, or as an indicator of our ability to make cash distributions.
SECOND QUARTER SHARES AND UNITS OUTSTANDING, WEIGHTED
                                 
(shares and units in 000s)   Three Months Ended   Six Months Ended
    6/30/2008   6/30/2007   6/30/2008   6/30/2007
 
                               
Basic
                               
Shares
    46,927       46,222       46,892       46,094  
Operating Partnership Units (OP Units)
    9,949       10,484       9,980       10,531  
 
                               
Total Shares & OP Units
    56,876       56,706       56,872       56,625  
 
                               
Dilutive Common Share Equivalents
    168       653       169       640  
 
                               
Diluted
                               
Shares
    47,095       46,875       47,061       46,734  
Total Shares & OP Units
    57,044       57,359       57,041       57,265  
         
2Q08   -6-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Financial Statements
Second Quarter 2008
BALANCE SHEET
                 
($ in 000s)   As of     As of  
    6/30/2008     12/31/2007  
ASSETS
               
Real Estate Assets
               
Operating Properties
  $ 2,547,648     $ 2,431,082  
Undeveloped Land & Construction in Progress
    515,356       531,410  
 
           
Total Real Estate, before Depreciation
    3,063,004       2,962,492  
 
Less: Accumulated Depreciation
    (326,995 )     (290,134 )
Real Estate Assets Held for Sale, net
    278,145       253,641  
 
           
 
               
Net Real Estate Assets
    3,014,154       2,925,999  
 
               
Cash and Equivalents
    33,825       93,033  
Restricted Cash
    34,771       10,005  
Accounts Receivable, net
    14,003       25,534  
Notes Receivable
    61,879       30,756  
Prepaid Expenses
    8,766       8,845  
Deferred Debt and Lease Costs
    15,552       15,636  
Investment in Unconsolidated Subsidiaries
    49,203       69,682  
Other Assets
    52,641       50,340  
 
           
 
Total Assets
  $ 3,284,794     $ 3,229,830  
 
           
 
               
LIABILITIES
               
Long-Term Liabilities
               
Unsecured Credit Facility
  $ 184,707     $ 39,316  
Notes and Mortgages Payable
    1,564,285       1,575,921  
Mortages Payable Related to Real Estate Assets Held for Sale
          26,602  
 
           
Total Long-Term Liabilities
    1,748,992       1,641,839  
 
               
Other Liabilities
    125,452       127,663  
 
           
Total Liabilities
    1,874,444       1,769,502  
 
           
 
               
MINORITY INTEREST & EQUITY
               
 
               
Limited Partners’ Interest in Consolidated Partnership
    2,115       2,439  
 
               
Preferred Shares and Units, at Liquidation Value
               
Series B 7 1/4%, Preferred Units
    100,000       100,000  
Series D 8 1/8%, Preferred Shares
    102,906       125,000  
 
           
Total Preferred Shares and Units, at Liquidation Value
    202,906       225,000  
 
               
Common Equity, including Minority Interest in Operating Partnership
    1,205,329       1,232,889  
 
           
Total Equity, including Minority Interest
    1,410,350       1,460,328  
 
           
 
               
Total Liabilities and Equity
  $ 3,284,794     $ 3,229,830  
 
           
SHARES & UNITS OUTSTANDING, END OF PERIOD
                 
(shares and units in 000s)   As of   As of
    6/30/2008   12/31/2007
Basic
               
Shares
    47,875       47,216  
Operating Partnership Units (OP Units)
    9,554       10,053  
 
               
Total Shares & OP Units
    57,429       57,269  
         
2Q08   -7-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Multifamily Portfolio Statistics
Second Quarter 2008
COMMUNITY PORTFOLIO AT JUNE 30, 2008 (In apartment homes)
                                                                         
    Same   Non Same   Wholly   Joint   Stabilized   Completed in   Total   Current    
    Property   Property   Owned   Venture (1)   Operating   Lease-Up   Operating   Developments   Total
Atlanta
    3,282       0       3,282       72       3,354             3,354             3,354  
Austin
    1,910       0       1,910       140       2,050             2,050       662       2,712  
Birmingham
    1,262       0       1,262       271       1,533             1,533             1,533  
Charleston
    1,578       0       1,578       0       1,578             1,578             1,578  
Charlotte
    3,268       928       4,196       0       4,196       85       4,281       584       4,865  
Dallas
    2,468       0       2,468       0       2,468             2,468       541       3,009  
Fort Worth
    2,012       0       2,012       29       2,041             2,041             2,041  
Huntsville
    836       0       836       0       836             836             836  
Orlando
    2,252       0       2,252       0       2,252             2,252             2,252  
Phoenix
    180       772       952       0       952             952             952  
Raleigh
    1,714       250       1,964       138       2,102             2,102             2,102  
Richmond
    1,699       0       1,699       0       1,699             1,699             1,699  
Savannah
    837       312       1,149       0       1,149             1,149       288       1,437  
Other
    4,024       211       4,235       147       4,382       209       4,591       380       4,971  
 
                                                                       
 
                                                                       
Total Portfolio
    27,322       2,473       29,795       797       30,592       294       30,886       2,455       33,341  
 
(1)   Joint venture units shown represents the Company’s pro-rata share of total units. There are 4,598 total units at the Company’s partially-owned apartment communities.
                                                         
SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION (2)   PHYSICAL OCCUPANCY (3)
            Total NOI                    
    Same Property   Incl. JVs at   Jun 30   Mar 31   Dec 31   Sept 30   Jun 30
    Communities   Pro Rata % (4)   2008   2008   2007   2007   2007
Atlanta
    13.4 %     12.3 %     97.0 %     96.3 %     95.7 %     95.0 %     95.9 %
Austin
    6.0 %     5.2 %     96.2 %     97.0 %     95.2 %     96.0 %     92.9 %
Birmingham
    4.1 %     4.4 %     97.7 %     96.3 %     95.9 %     95.1 %     97.0 %
Charleston
    6.1 %     4.9 %     95.9 %     96.0 %     96.7 %     95.8 %     97.1 %
Charlotte
    10.1 %     13.9 %     93.6 %     93.2 %     95.1 %     94.1 %     95.0 %
Dallas
    7.4 %     6.6 %     96.3 %     96.5 %     96.4 %     95.0 %     95.6 %
Fort Worth
    6.8 %     6.1 %     96.3 %     96.8 %     96.9 %     96.3 %     96.6 %
Huntsville
    3.3 %     2.9 %     97.1 %     98.1 %     95.1 %     98.2 %     97.4 %
Orlando
    10.8 %     9.7 %     97.1 %     97.1 %     96.3 %     97.6 %     98.3 %
Phoenix
    1.0 %     3.9 %     96.3 %     95.6 %     96.3 %     85.2 %     81.6 %
Raleigh
    6.1 %     6.4 %     95.6 %     96.0 %     96.8 %     94.7 %     95.0 %
Richmond
    6.5 %     5.9 %     96.6 %     96.5 %     96.6 %     96.5 %     96.8 %
Savannah
    3.4 %     4.2 %     95.0 %     96.3 %     96.8 %     95.5 %     96.1 %
Other
    15.0 %     13.6 %     95.6 %     96.3 %     95.1 %     91.5 %     98.4 %
 
                                                       
 
                                                       
Total Portfolio
    100.0 %     100.0 %     95.9 %     96.0 %     95.9 %     94.6 %     95.8 %
 
                                                       
Same Property
                    96.0 %     96.3 %     96.0 %     95.7 %     96.4 %
 
(2)   For the GAAP reconciliation of revenues, expenses and NOI, see page 25 and 26.
 
(3)   Occupancy figures include apartment homes held through joint venture investments but exclude condominiums and communities in lease-up or under development. For a detailed occupancy listing by property, see Multifamily Portfolio Occupancy Listing on page 29.
 
(4)   Based on total NOI from wholly-owned operating communities and the Company’s pro-rata share of total NOI from joint-venture communities.
         
2Q08   -8-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Components of Property Net Operating Income and Capitalized Expenditures for Multifamily Portfolio

Second Quarter 2008
($ in 000s, except property data and per unit amounts)
COMPONENTS OF PROPERTY NET OPERATING INCOME (1)
                                                         
    Apartment     Three Months Ended     Six Months Ended  
    Homes     6/30/2008     6/30/2007     Change     6/30/2008     6/30/2007     Change  
             
 
                                                       
Property Revenues
                                                       
Same Property Communities
    27,322     $ 68,284     $ 67,363     $ 921     $ 135,706     $ 132,654     $ 3,052  
Non-Same Property Communities
    2,473       6,172       3,519       2,654       11,987       5,914       6,073  
Joint Venture Communities (2)
    797       2,047       1,669       377       4,058       3,232       825  
Development and Lease Up Communities
    2,749       1,009       2       1,008       1,310       2       1,308  
Dispositions / Other
          2,553       5,885       (3,332 )     5,300       13,124       (7,824 )
 
                                         
Total Property Revenues
    33,341     $ 80,065     $ 78,437     $ 1,628     $ 158,360     $ 154,927     $ 3,434  
 
                                                       
Property Expenses
                                                       
Same Property Communities
    27,322     $ 25,320     $ 25,713     $ (393 )   $ 51,110     $ 50,864     $ 246  
Non-Same Property Communities
    2,473       2,363       1,310       1,054       4,869       2,193       2,676  
Joint Venture Communities (2)
    797       960       766       194       1,885       1,510       375  
Development and Lease Up Communities
    2,749       939       70       869       1,404       91       1,313  
Dispositions / Other
          1,307       3,666       (2,360 )     2,653       8,202       (5,549 )
 
                                         
Total Property Expenses
    33,341     $ 30,889     $ 31,525     $ (636 )   $ 61,921     $ 62,860     $ (939 )
 
                                                       
Property Net Operating Income
                                                       
Same Property Communities
    27,322     $ 42,963     $ 41,649     $ 1,314     $ 84,596     $ 81,790     $ 2,806  
Non-Same Property Communities
    2,473       3,809       2,209       1,600       7,118       3,721       3,397  
Joint Venture Communities (2)
    797       1,087       904       183       2,172       1,723       450  
Development and Lease Up Communities
    2,749       70       (69 )     139       (94 )     (90 )     (5 )
Dispositions / Other
          1,247       2,219       (972 )     2,648       4,923       (2,275 )
 
                                         
Total Property Net Operating Income
    33,341     $ 49,176     $ 46,912     $ 2,264     $ 96,440     $ 92,067     $ 4,373  
 
(1)   For the GAAP reconciliation of revenues, expenses and NOI, see page 25 and 26.
 
(2)   Includes the Company’s pro-rata share of apartment homes, revenues, expenses and NOI from partially-owned unconsolidated communities.
CAPITALIZED EXPENDITURES
                                                         
    Apartment     Three Months Ended     Six Months Ended  
    Homes     6/30/2008     6/30/2007     Change     6/30/2008     6/30/2007     Change  
             
 
                                                       
Capitalized Expenses
                                                       
Same Property Communities
    27,322     $ 4,852     $ 6,130     $ (1,278 )   $ 8,447     $ 8,728     $ (280 )
Non-Same Property Communities
    2,473       933       203       731       1,315       266       1,050  
Joint Venture Communities
    797       216       297       (81 )     328       445       (117 )
Development and Lease Up Communities
    2,749       194       0       194       200       0       199  
Dispositions / Other
          28       825       (797 )     280       1,508       (1,227 )
 
                                         
Total Property Capitalized Expenses
    33,341       6,223       7,454       (1,232 )     10,571       10,946       (375 )
 
                                                       
Capitalized Expenses per Unit
                                                       
Same Property Communities
    27,322     $ 178     $ 224     $ (47 )   $ 309     $ 319     $ (10 )
Non-Same Property Communities
    2,473       377       82       295       532       107       424  
Joint Venture Communities
    797       270       372       (102 )     412       558       (146 )
 
                                         
Total Per Unit
    30,592     $ 203     $ 244     $ (40 )   $ 346     $ 358     $ (12 )
         
2Q08   -9-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Multifamily Same Property Quarter Comparisons

Second Quarter 2008
($ in 000s, except property data amounts)
REVENUES, EXPENSES & NOI FOR THE THREE MONTHS ENDED JUNE 30, 2008
                                                                         
            Revenues                     Expenses                     NOI        
    2Q08     2Q07     % Chg     2Q08     2Q07     % Chg     2Q08     2Q07     % Chg  
 
 
                                                                       
Atlanta
  $ 9,063     $ 9,034       0.3 %   $ 3,298     $ 3,572       (7.7 %)   $ 5,765     $ 5,462       5.5 %
Austin
    4,695       4,541       3.4 %     2,097       1,880       11.5 %     2,598       2,661       (2.4 %)
Birmingham
    2,842       2,795       1.7 %     1,069       1,135       (5.8 %)     1,773       1,660       6.8 %
Charleston
    3,895       3,893       0.1 %     1,292       1,386       (6.8 %)     2,604       2,507       3.9 %
Charlotte
    7,172       7,221       (0.7 %)     2,833       2,848       (0.5 %)     4,339       4,374       (0.8 %)
Dallas
    5,593       5,241       6.7 %     2,422       2,340       3.5 %     3,170       2,901       9.3 %
Fort Worth
    5,053       4,677       8.0 %     2,146       2,004       7.1 %     2,906       2,673       8.7 %
Huntsville
    2,117       1,982       6.8 %     711       646       10.0 %     1,406       1,336       5.2 %
Orlando
    6,943       7,048       (1.5 %)     2,310       2,430       (4.9 %)     4,633       4,617       0.3 %
Phoenix
    603       637       (5.4 %)     169       181       (6.6 %)     434       457       (4.9 %)
Raleigh
    4,197       3,954       6.1 %     1,579       1,508       4.8 %     2,617       2,446       7.0 %
Richmond
    4,230       4,201       0.7 %     1,419       1,483       (4.3 %)     2,811       2,718       3.4 %
Savannah
    2,143       2,150       (0.3 %)     668       849       (21.4 %)     1,475       1,300       13.5 %
Other
    9,738       9,990       (2.5 %)     3,307       3,453       (4.2 %)     6,431       6,537       (1.6 %)
 
                                                     
 
                                                                       
Total Same Property (1)
  $ 68,284     $ 67,363       1.4 %   $ 25,320     $ 25,713       -1.5 %   $ 42,963     $ 41,649       3.2 %
 
                                                                       
    Apartment                            
    Homes             % of NOI     Physical Occupancy     Weighted Average Rental Rate (2)  
    Included           Contribution     2Q08     2Q07     % Chg     2Q08     2Q07     % Chg  
 
 
                                                                       
Atlanta
    3,282               13.4 %     97.0 %     96.0 %     1.1 %   $ 863     $ 853       1.1 %
Austin
    1,910               6.0 %     96.2 %     97.0 %     (0.8 %)     753       729       3.4 %
Birmingham
    1,262               4.1 %     97.8 %     97.2 %     0.6 %     716       707       1.2 %
Charleston
    1,578               6.1 %     95.9 %     97.1 %     (1.2 %)     764       756       1.1 %
Charlotte
    3,268               10.1 %     93.2 %     95.0 %     (1.8 %)     702       693       1.2 %
Dallas
    2,468               7.4 %     96.3 %     95.6 %     0.7 %     708       687       3.0 %
Fort Worth
    2,012               6.8 %     96.3 %     96.6 %     (0.3 %)     768       733       4.7 %
Huntsville
    836               3.3 %     97.1 %     97.4 %     (0.2 %)     760       733       3.6 %
Orlando
    2,252               10.8 %     97.1 %     98.3 %     (1.2 %)     972       983       (1.1 %)
Phoenix
    180               1.0 %     96.1 %     89.4 %     6.7 %     1,106       1,202       (8.0 %)
Raleigh
    1,714               6.1 %     95.9 %     95.7 %     0.1 %     761       721       5.5 %
Richmond
    1,699               6.5 %     96.6 %     96.8 %     (0.2 %)     808       780       3.6 %
Savannah
    837               3.4 %     95.2 %     96.4 %     (1.2 %)     802       816       (1.7 %)
Other
    4,024               15.0 %     95.5 %     96.4 %     (0.9 %)     775       781       (0.7 %)
 
                                                     
 
                                                                       
Total Same Property (1)
    27,322               100.0 %     96.0 %     96.4 %     (0.4 %)   $ 785     $ 774       1.5 %
 
(1)   Same-property communities are communities which were owned by the Company and stabilzed as of January 1, 2007, as adjusted for dispositions during the year.
 
(2)   Weighted average rental rates are the Company’s market rental rates after “loss to lease” and concessions, but before vacancy and bad debt.
For the GAAP reconciliation of revenues, expenses and NOI, see page 25 and 26.
         
2Q08   -10-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Multifamily Same Property Year-to-Date Comparisons

Second Quarter 2008
($ in 000s, except property data amounts)
REVENUES, EXPENSES & NOI FOR THE SIX MONTHS ENDED JUNE 30, 2008
                                                                         
            Revenues                     Expenses                     NOI        
    2008     2007     % Chg     2008     2007     % Chg     2008     2007     % Chg  
 
 
                                                                       
Atlanta
  $ 18,010     $ 17,652       2.0 %   $ 6,732     $ 6,761       (0.4 %)   $ 11,277     $ 10,891       3.6 %
Austin
    9,292       8,927       4.1 %     4,109       3,973       3.4 %     5,183       4,954       4.6 %
Birmingham
    5,582       5,469       2.1 %     2,143       2,251       (4.8 %)     3,440       3,218       6.9 %
Charleston
    7,744       7,577       2.2 %     2,691       2,703       (0.4 %)     5,053       4,874       3.7 %
Charlotte
    14,385       14,228       1.1 %     5,732       5,564       3.0 %     8,653       8,664       (0.1 %)
Dallas
    11,153       10,514       6.1 %     4,932       4,681       5.4 %     6,222       5,833       6.7 %
Fort Worth
    10,024       9,283       8.0 %     4,318       4,113       5.0 %     5,706       5,171       10.3 %
Huntsville
    4,159       3,925       6.0 %     1,425       1,443       (1.3 %)     2,734       2,481       10.2 %
Orlando
    13,787       14,029       (1.7 %)     4,681       4,859       (3.7 %)     9,106       9,170       (0.7 %)
Phoenix
    1,216       1,254       (3.1 %)     361       379       (4.5 %)     854       876       (2.4 %)
Raleigh
    8,309       7,778       6.8 %     3,032       2,922       3.7 %     5,278       4,856       8.7 %
Richmond
    8,428       8,191       2.9 %     2,871       2,918       (1.6 %)     5,557       5,273       5.4 %
Savannah
    4,190       4,264       (1.7 %)     1,383       1,589       (12.9 %)     2,806       2,675       4.9 %
Other
    19,426       19,563       (0.7 %)     6,700       6,708       (0.1 %)     12,726       12,854       (1.0 %)
 
                                                     
 
                                                                       
Total Same Property (1)
  $ 135,706     $ 132,654       2.3 %   $ 51,110     $ 50,864       0.5 %   $ 84,596     $ 81,790       3.4 %
                                                                         
    Apartment                            
    Homes             % of NOI     Physical Occupancy     Weighted Average Rental Rate (2)  
    Included           Contribution     2008     2007     % Chg     2008     2007     % Chg  
 
 
                                                                       
Atlanta
    3,282               13.3 %     97.0 %     96.0 %     1.1 %   $ 864     $ 850       1.7 %
Austin
    1,910               6.1 %     96.2 %     97.0 %     (0.8 %)     751       717       4.7 %
Birmingham
    1,262               4.1 %     97.8 %     97.2 %     0.6 %     714       703       1.5 %
Charleston
    1,578               6.0 %     95.9 %     97.1 %     (1.2 %)     766       749       2.2 %
Charlotte
    3,268               10.2 %     93.2 %     95.0 %     (1.8 %)     701       693       1.1 %
Dallas
    2,468               7.4 %     96.3 %     95.6 %     0.7 %     705       687       2.5 %
Fort Worth
    2,012               6.7 %     96.3 %     96.6 %     (0.3 %)     761       732       3.9 %
Huntsville
    836               3.2 %     97.1 %     97.4 %     (0.2 %)     757       734       3.2 %
Orlando
    2,252               10.8 %     97.1 %     98.3 %     (1.2 %)     973       992       (1.9 %)
Phoenix
    180               1.0 %     96.1 %     89.4 %     6.7 %     1,110       1,179       (5.9 %)
Raleigh
    1,714               6.2 %     95.9 %     95.7 %     0.1 %     754       718       5.0 %
Richmond
    1,699               6.6 %     96.6 %     96.8 %     (0.2 %)     802       773       3.7 %
Savannah
    837               3.3 %     95.2 %     96.4 %     (1.2 %)     798       818       (2.4 %)
Other
    4,024               15.1 %     95.5 %     96.4 %     (0.9 %)     775       773       0.2 %
 
                                                     
 
                                                                       
Total Same Property (1)
    27,322               100.0 %     96.0 %     96.4 %     (0.4 %)   $ 783     $ 771       1.6 %
 
(1)   Same-property communities are communities which were owned by the Company and stabilzed as of January 1, 2007, as adjusted for dispositions during the year.
 
(2)   Weighted average rental rates are the Company’s market rental rates after “loss to lease” and concessions, but before vacancy and bad debt.
For the GAAP reconciliation of revenues, expenses and NOI, see page 25 and 26.
         
2Q08   -11-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Multifamily Same Property Sequential Quarter Comparisons

Second Quarter 2008
($ in 000s, except property data amounts)
SAME PROPERTY SEQUENTIAL COMPARISON OF REVENUES, EXPENSES & NOI
                                                                         
            Revenues                     Expenses                     NOI        
    2Q08     1Q08     % Chg     2Q08     1Q08     % Chg     2Q08     1Q08     % Chg  
 
 
                                                                       
Atlanta
  $ 9,063     $ 8,947       1.3 %   $ 3,298     $ 3,434       (4.0 %)   $ 5,765     $ 5,512       4.6 %
Austin
    4,695       4,597       2.1 %     2,097       2,012       4.2 %     2,598       2,585       0.5 %
Birmingham
    2,842       2,740       3.7 %     1,069       1,073       (0.4 %)     1,773       1,667       6.3 %
Charleston
    3,895       3,849       1.2 %     1,292       1,399       (7.7 %)     2,604       2,449       6.3 %
Charlotte
    7,172       7,213       (0.6 %)     2,833       2,899       (2.3 %)     4,339       4,314       0.6 %
Dallas
    5,593       5,561       0.6 %     2,422       2,509       (3.5 %)     3,170       3,051       3.9 %
Fort Worth
    5,053       4,971       1.6 %     2,146       2,172       (1.2 %)     2,906       2,799       3.8 %
Huntsville
    2,117       2,043       3.6 %     711       715       (0.5 %)     1,406       1,328       5.8 %
Orlando
    6,943       6,844       1.5 %     2,310       2,371       (2.5 %)     4,633       4,473       3.6 %
Phoenix
    603       613       (1.6 %)     169       193       (12.5 %)     434       420       3.5 %
Raleigh
    4,197       4,113       2.0 %     1,579       1,452       8.8 %     2,617       2,660       (1.6 %)
Richmond
    4,230       4,197       0.8 %     1,419       1,452       (2.3 %)     2,811       2,746       2.4 %
Savannah
    2,143       2,046       4.7 %     668       716       (6.7 %)     1,475       1,331       10.9 %
Other
    9,738       9,688       0.5 %     3,307       3,392       (2.5 %)     6,431       6,296       2.1 %
 
                                                     
 
                                                                       
Total Same Property (1)
  $ 68,284     $ 67,422       1.3 %   $ 25,320     $ 25,789       -1.8 %   $ 42,963     $ 41,633       3.2 %
                                                                         
    Apartment                            
    Homes             % of NOI     Physical Occupancy     Weighted Average Rental Rate (2)  
    Included           Contribution     2Q08     1Q08     % Chg     2Q08     1Q08     % Chg  
 
 
Atlanta
    3,282               13.4 %     97.0 %     96.2 %     0.8 %   $ 863     $ 866       (0.3 %)
Austin
    1,910               6.0 %     96.2 %     97.1 %     (0.9 %)     753       749       0.6 %
Birmingham
    1,262               4.1 %     97.8 %     96.0 %     1.8 %     716       712       0.5 %
Charleston
    1,578               6.1 %     95.9 %     96.0 %     (0.1 %)     764       767       (0.4 %)
Charlotte
    3,268               10.1 %     93.2 %     94.5 %     (1.3 %)     702       699       0.4 %
Dallas
    2,468               7.4 %     96.3 %     96.5 %     (0.2 %)     708       701       0.9 %
Fort Worth
    2,012               6.8 %     96.3 %     96.9 %     (0.6 %)     768       753       1.9 %
Huntsville
    836               3.3 %     97.1 %     98.1 %     (1.0 %)     760       755       0.6 %
Orlando
    2,252               10.8 %     97.1 %     97.1 %     0.0 %     972       975       (0.3 %)
Phoenix
    180               1.0 %     96.1 %     95.6 %     0.6 %     1,106       1,113       (0.6 %)
Raleigh
    1,714               6.1 %     95.9 %     96.4 %     (0.6 %)     761       747       1.8 %
Richmond
    1,699               6.5 %     96.6 %     96.5 %     0.1 %     808       796       1.5 %
Savannah
    837               3.4 %     95.2 %     96.4 %     (1.2 %)     802       794       1.1 %
Other
    4,024               15.0 %     95.5 %     96.2 %     (0.8 %)     775       774       0.1 %
 
                                                     
 
                                                                       
Total Same Property (1)
    27,322               100.0 %     96.0 %     96.3 %     (0.3 %)   $ 785     $ 782       0.5 %
 
(1)   Same-property communities are communities which were owned by the Company and stabilzed as of January 1, 2007, as adjusted for dispositions during the year.
 
(2)   Weighted average rental rates are the Company’s market rental rates after “loss to lease” and concessions, but before vacancy and bad debt.
         
2Q08   -12-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Unconsolidated Joint Ventures

($ in 000s)
Joint Venture Operations
                                 
    Three Months Ended     Six Months Ended  
    06/30/2008     06/30/2007     06/30/2008     06/30/2007  
 
                               
OPERATING DATA (1)
                               
 
                               
Property Revenues
                               
Rental revenues
  $ 19,004     $ 14,279     $ 38,782     $ 27,689  
Other property revenues
    805       683       1,741       1,356  
 
                       
Total property revenues
    19,809       14,962       40,523       29,045  
 
                               
Property Expenses
                               
Property operating and maintenance
    5,264       4,231       10,453       8,213  
Taxes, license and insurance
    2,409       1,867       4,882       3,720  
 
                       
Total property expenses
    7,673       6,098       15,335       11,933  
 
                               
Net Operating Income (NOI)
    12,136       8,864       25,188       17,112  
 
                               
Other Income (Expenses)
                               
Interest, net
    (7,843 )     (5,745 )     (15,839 )     (11,125 )
Depreciation and amortization (2)
    (6,847 )     (4,979 )     (14,530 )     (10,349 )
Other
    94       (191 )     695       (172 )
 
                       
Total other expenses
    (14,596 )     (10,915 )     (29,674 )     (21,646 )
 
                               
Gain on sale of properties, net
    4,497       (39 )     16,793       9,257  
 
                       
 
                               
Equity in income of joint ventures
  $ 2,037     $ (2,090 )   $ 12,307     $ 4,723  
 
                       
                 
    As of  
    6/30/2008     12/31/2007  
BALANCE SHEET DATA (3)
               
 
               
Real estate assets, net
  $ 3,287,309     $ 3,819,842  
Other assets, net
    321,892       342,894  
 
           
Total assets
  $ 3,609,201     $ 4,162,736  
 
           
 
               
Notes payable
  $ 2,758,094     $ 3,200,756  
Notes payable to Colonial
    28,093       23,390  
Other liabilities
    150,921       115,346  
 
           
Total liabilities
    2,937,108       3,339,492  
 
               
Member’s equity
    672,093       823,244  
 
           
Total liabilities and member’s equity
  $ 3,609,201     $ 4,162,736  
 
           
 
               
Colonial’s equity investment (4)
  $ 49,203     $ 69,682  
Colonial’s pro-rata share of debt
  $ 479,231     $ 544,208  
 
(1)   Operating data represents the Company’s pro-rata share of revenues, expenses and NOI.
 
(2)   Includes amortization of excess basis differences for certain joint ventures.
 
(3)   Balance sheet data reported at 100%.
 
(4)   Includes distributions in excess of investment balance for certain joint ventures.
         
2Q08   -13-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Investments in Real Estate Joint Ventures
As of June 30, 2008

(in thousands)
                                                                                 
                                                    Weighted     Average              
    Number             Gross             Mortgages     Weighted     Average     Remaining              
    of     Total     Investment in     Construction     and Notes     Ownership     Interest     Term     % Fixed     % Variable  
Venture   Properties     Units/GLA     Real Estate (1)     in Progress     Payable     Interest     Rate     (in months)     Rate     Rate  
 
                                                                               
MULTIFAMILY
                                                                               
CMS
    5       1,548     $ 118,149     $     $ 100,756       21 %     5.30 %     45       69.00 %     31.00 %
DRA
    6       2,034       143,969             95,192       15 %     4.85 %     16       100.00 %      
Development
    1       541             5,089             25 %                        
Other
    6       1,554       184,354       5,697       104,151       20 %     5.00 %     50       54.46 %     45.54 %
 
                                                                     
 
                                                                               
Total Multifamily
    18       5,677     $ 446,472     $ 10,786     $ 300,098                                          
 
                                                                     
 
                                                                               
OFFICE
                                                                               
DRA/CRT (2)
    17       8,393     $ 1,283,507     $ 6,671     $ 968,114       15 %     4.95 %     21       64.94 %     35.06 %
DRA/CLP (3)
    18       5,235       936,073             741,907       15 %     5.61 %     72       100.00 %      
UBS/CLP Mansell
    2       689       141,483       8,107       92,690       15 %     6.15 %     97       100.00 %      
Huntsville TIC (4)
    9       1,702       221,469             107,540       14 %     6.47 %     113       100.00 %      
Other
    1       30       2,847             1,067       33 %     8.10 %     79       100.00 %      
 
                                                                     
 
                                                                               
Total Office
    47       16,049     $ 2,585,378     $ 14,778     $ 1,911,318                                          
 
                                                                     
 
                                                                               
RETAIL
                                                                               
OZRE (5)
    11       2,911     $ 363,072     $     $ 293,139       17 %     6.31 %     73       100.00 %      
Craft Farms
    1       345       53,809             43,000       15 %     3.96 %     1             100.00 %
Parkway Place
    1       636       90,155             58,381       45 %     3.46 %     11             100.00 %
Turkey Creek
    1       486       79,604             65,000       50 %     6.03 %     98       100.00 %      
Other
    5       1,203       116,257       10,928       87,158       28 %     5.20 %     41       19.23 %     80.77 %
 
                                                                     
 
                                                                               
Total Retail
    19       5,581     $ 702,897     $ 10,928     $ 546,678                                          
 
                                                                     
 
                                                                               
 
    84             $ 3,692,085     $ 79,154     $ 2,758,094                                          
 
                                                                       
 
(1)   Represents gross investment in real estate at 100% (excluding depreciation).
 
(2)   As of June 30, 2008, this joint venture included 17 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas.
 
(3)   As of June 30, 2008, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
 
(4)   During the six months ended June 30, 2008, the Company disposed of a portion of its interest in this joint venture through a series of five transactions. Effectively, the Company’s interest was reduced from 40% to 13.8%.
 
(5)   As of June 30, 2008, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas.
For a detailed schedule of partially-owned unconsolidated assets, see page 35.
         
2Q08   -14-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Operating Joint Venture Income Summary
Three Months Ended June 30, 2008

(in thousands)
                                                                         
                                                                    Colonial  
                                                                    Share  
                    Net             Other                             of Net  
    Total     Operating     Operating     Interest     Income     Gain (Loss)     Depreciation &     Net Income     Income  
Venture   Revenues     Expenses     Income     Expense     (Expenses)     on Sale     Amortization     (Loss)     (Loss) (1)  
 
                                                                       
MULTIFAMILY
                                                                       
CMS
  $ 3,924     $ 1,983     $ 1,941     $ 1,628     $ (7 )   $ (257 )   $ 1,246     $ (1,198 )   $ (228 )
DRA
    4,675       2,152       2,523       1,261       10             2,638       (1,366 )     (208 )
Development
          1       (1 )                             (1 )      
Other (2)
    3,321       1,924       1,397       1,610       21       552       1,376       (1,017 )     (234 )
 
                                                     
 
                                                                       
Total Multifamily
  $ 11,920     $ 6,060     $ 5,860     $ 4,500     $ 24     $ 295     $ 5,261     $ (3,582 )   $ (670 )
 
                                                     
 
                                                                       
OFFICE
                                                                       
DRA/CRT (3)
  $ 43,363     $ 17,876     $ 25,487     $ 12,921     $ (735 )   $     $ 15,536     $ (3,705 )   $ 173  
DRA/CLP (4)
    29,254       11,439       17,814       10,577       209             11,951       (4,505 )     (103 )
UBS/CLP Mansell
    4,057       1,433       2,624       1,426       4             2,078       (876 )     (72 )
Huntsville TIC (5)
    6,166       2,007       4,160       3,472       18             5,854       (5,148 )     3,021  
Other
    204       82       122       23       0             14       85       41  
 
                                                     
 
                                                                       
Total Office
  $ 83,044     $ 32,837     $ 50,207     $ 28,418     $ (502 )   $     $ 35,434     $ (14,147 )   $ 3,060  
 
                                                     
 
                                                                       
RETAIL
                                                                       
OZRE (6)
    8,706       2,572       6,134       4,645       18             5,097       (3,590 )     (352 )
Craft Farms
    1,169       553       616       514       39             345       (204 )     (129 )
Parkway Place
    2,717       938       1,779       1,875                   695       (791 )     137  
Turkey Creek
    2,471       610       1,861       994       4             895       (25 )     26  
Other
    2,648       649       1,999       1,203       (8 )           681       107       (35 )
 
                                                     
 
                                                                       
Total Retail
  $ 17,711     $ 5,322     $ 12,388     $ 9,231     $ 53     $     $ 7,713     $ (4,503 )   $ (353 )
 
                                                     
 
                                                                       
 
  $ 112,674     $ 44,218     $ 68,455     $ 42,150     $ (425 )   $ 295     $ 48,407     $ (22,232 )   $ 2,037  
 
                                                     
Results of operations presented represents 100% of the operations for the properties in these joint ventures.
For a detailed schedule of partially-owned unconsolidated assets, see page 32.
 
(1)   Includes amortization or release of excess basis differences and management fee eliminations for certain joint ventures.
 
(2)   The Company sold its 10% interest in Stone Ridge on June 16, 2008.
 
(3)   As of June 30, 2008, this joint venture included 17 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas.
 
(4)   As of June 30, 2008, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
 
(5)   During the three months ended June 30, 2008, the Company disposed of a portion of its interest in this joint venture through a series of five transactions. Effectively, the Company’s interest was reduced from 33.3% to 13.8%. The Company recognized a gain of approximately $4.0 million of the sale of this interest.
 
(6)   As of June 30, 2008, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas.
         
2Q08   -15-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Operating Joint Venture Income Summary
Six Months Ended June 30, 2008

(in thousands)
                                                                         
                                                                    Colonial Share  
    Total     Operating     Net Operating     Interest     Other Income     Gain (Loss)     Depreciation &     Net Income     of Net Income  
Venture   Revenues     Expenses     Income     Expense     (Expenses)     on Sale     Amortization     (Loss)     (Loss) (1)  
 
                                                                       
MULTIFAMILY
                                                                       
CMS
  $ 7,750     $ 3,847     $ 3,903     $ 2,875     $ (14 )   $ (257 )   $ 2,522     $ (1,766 )   $ (351 )
DRA
    9,292       4,248       5,044       2,525       43             2,638       (75 )      
Development
    (0 )     10       (10 )     82             5,262             5,170       (16 )
Other (2)
    7,740       4,183       3,557       3,403       21       11,792       2,731       9,236       (372 )
 
                                                     
 
                                                                       
Total Multifamily
  $ 24,782     $ 12,288     $ 12,494     $ 8,885     $ 50     $ 16,797     $ 7,892     $ 12,565     $ (739 )
 
                                                     
 
                                                                       
OFFICE
                                                                       
DRA/CRT (3)
  $ 85,857     $ 34,743     $ 51,114     $ 26,739     $ (1,095 )   $     $ 31,654     $ (8,373 )   $ (358 )
DRA/CLP (4)
    57,651       22,761       34,890       21,154       506             23,106       (8,865 )     (199 )
UBS/CLP Mansell
    7,952       2,685       5,267       2,852       11       (3 )     4,345       (1,922 )     (173 )
Huntsville TIC (5)
    11,929       3,867       8,062       6,718       44             9,154       (7,766 )     2,229  
Other
    366       147       220       46       0             28       146       64  
 
                                                     
 
                                                                       
Total Office
  $ 163,755     $ 64,202     $ 99,553     $ 57,509     $ (533 )   $ (3 )   $ 68,288     $ (26,780 )   $ 1,563  
 
                                                     
 
                                                                       
RETAIL
                                                                       
GPT (6)
  $ 8,191     $ 3,041     $ 5,150     $ 3,076     $ (318 )   $     $ 3,508     $ (1,752 )   $ 11,977  
OZRE (7)
    17,289       4,848       12,441       9,209       52             9,367       (6,083 )     (390 )
Craft Farms
    2,369       1,058       1,311       1,174       96             690       (457 )     (273 )
Parkway Place
    5,449       1,765       3,684       2,966                   1,762       (1,044 )     26  
Turkey Creek
    5,001       1,217       3,784       1,989       9             1,783       22       89  
Other
    4,834       1,136       3,697       2,069       (25 )     19       1,165       457       54  
 
                                                     
 
                                                                       
Total Retail
  $ 43,132     $ 13,065     $ 30,067     $ 20,484     $ (185 )   $ 19     $ 18,275     $ (8,857 )   $ 11,483  
 
                                                     
 
                                                                       
 
  $ 231,669     $ 89,555     $ 142,114     $ 86,878     $ (667 )   $ 16,813     $ 94,455     $ (23,072 )   $ 12,307  
 
                                                     
Results of operations presented represents 100% of the operations for the properties in these joint ventures.
For a detailed schedule of partially-owned unconsolidated assets, see page 35.
 
(1)   Includes amortization or release of excess basis differences and management fee eliminations for certain joint ventures.
 
(2)   The Company sold its 10% interest in Stone Ridge on June 16, 2008.
 
(3)   As of June 30, 2008, this joint venture included 17 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas.
 
(4)   As of June 30, 2008, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
 
(5)   During the six months ended June 30, 2008, the Company disposed of a portion of its interest in this joint venture through a series of eight transactions. Effectively, the Company’s interest was reduced from 40% to 13.8%. During the six months ended June 30, 2008, the Company recognized a gain of approximately $4.0 million on the sale of this interest.
 
(6)   This joint venture included 6 retail properties located in Auburn and Mobile, Alabama; Brunswick and Valdosta, Georgia; Greenville, North Carolina and Myrtle Beach, South Carolina. The Company sold its interest in this joint venture in February 2008 and recognized a gain of approximately $12.2 million.
 
(7)   As of June 30, 2008, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas.
         
2Q08   -16-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Joint Venture Operational Statistics
Second Quarter 2008
                 
    As of
    6/30/2008   6/30/2007
Base rent per square foot — Straight-line
               
Office
               
Consolidated
  $ 20.81       n/a  
Unconsolidated
    18.75       18.44  
 
               
Retail
               
Consolidated
  $ 15.24     $ 18.04  
Unconsolidated
    16.68       16.55  
 
               
Base rent per square foot — Cash
               
Office
               
Consolidated
  $ 15.44       n/a  
Unconsolidated
    18.19       17.72  
 
               
Retail
               
Consolidated
  $ 15.01     $ 17.81  
Unconsolidated
    16.45       16.28  
                 
    As of
    6/30/2008   6/30/2007
Square Feet (in 000’s)
               
Office
               
Consolidated
    169       n/a  
Unconsolidated (1)
    2,340       2,340  
 
               
Retail
               
Consolidated
    672       3,376  
Unconsolidated (1)
    1,037       1,113  
 
(1)   Square footage includes the Company’s weighted square-footage for partially-owned unconsolidated properties based on the Company’s ownership percentage. See the Appendix for additional detail.
OFFICE LEASE EXPIRATION SCHEDULE
                                                                 
(SF & $ in 000s)     Total Assets at 100%     Total Assets at Pro Rata Share  
            % of Leased             % of             % of Leased             % of  
        SF   SF     Rent     Total     SF     SF     Rent     Total  
  2008     906     6 %   $ 17,225       7 %     132       6 %   $ 2,530       6 %
  2009     1,927     14 %     34,666       13 %     278       12 %     5,055       11 %
  2010     1,583     11 %     28,794       11 %     224       10 %     4,124       9 %
  2011     2,013     14 %     38,603       15 %     291       13 %     5,617       13 %
  2012     2,359     17 %     47,657       18 %     346       15 %     7,013       16 %
  2013+     5,213     37 %     95,687       36 %     1,041       45 %     19,961       45 %
       
 
                                                 
Total Leased SF   14,000           $ 262,632               2,312             $ 44,298          
RETAIL LEASE EXPIRATION SCHEDULE
                                                                 
(SF & $ in 000s)     Total Assets at 100%     Total Assets at Pro Rata Share  
            % of Leased             % of             % of Leased             % of  
        SF   SF     Rent     Total     SF     SF     Rent     Total  
  2008     112     2 %   $ 2,246       5 %     36       2 %   $ 744       7 %
  2009     179     4 %     3,386       5 %     58       4 %     1,191       5 %
  2010     432     10 %     5,785       9 %     85       5 %     1,273       6 %
  2011     439     10 %     7,316       12 %     128       8 %     2,723       12 %
  2012     557     12 %     8,519       14 %     195       12 %     3,558       16 %
  2013+     2,793     61 %     37,144       55 %     1,076       58 %     13,608       54 %
       
 
                                                 
Total Leased SF   4,512           $ 64,396               1,578             $ 23,097          
OFFICE CAPITAL EXPENDITURES
                                 
    Three Months Ended     Six Months Ended  
    6/30/2008     6/30/2007     6/30/2008     6/30/2007  
Capital Expenditures ($ in 000s)
                               
Regular Maintenance
  $ 837     $ 1,958     $ 1,017     $ 3,223  
Tenant Improvements
    519       3,519       1,098       4,631  
Leasing Commissions
    418       1,785       666       2,624  
Admin — Division
    13       17       24       17  
 
                       
Total
  $ 1,787     $ 7,279     $ 2,805     $ 10,495  
Less: Unconsolidated Assets
    (1,765 )     (1,809 )     (2,771 )     (2,387 )
 
                       
Total — Consolidated Assets
  $ 22     $ 5,470     $ 34     $ 8,108  
 
                       
RETAIL CAPITAL EXPENDITURES
                                 
    Three Months Ended     Six Months Ended  
    6/30/2008     6/30/2007     6/30/2008     6/30/2007  
Capital Expenditures ($ in 000s)
                               
Regular Maintenance
  $ 18     $ 350     $ 79     $ 737  
Revenue- Enhancing
    3       201       21       504  
Tenant Improvements
    83       1,377       275       2,707  
Leasing Commissions
    39       694       100       944  
Admin — Division
    4       10       60       24  
 
                       
Total w/o Acquisition-Related
  $ 146     $ 2,633     $ 535     $ 4,916  
Less: Unconsolidated Assets
    (124 )     (354 )     (346 )     (804 )
 
                       
Total — Consolidated Assets
  $ 22     $ 2,279     $ 189     $ 4,112  
 
                       
         
2Q08   -17-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Development and For-Sale Residential Activities
CONDOMINIUM CONVERSION, FOR-SALE RESIDENTIAL AND DEVELOPMENT SALES
For the three and six months ended June 30, 2008, continuing operations includes gains on condominium conversion, for-sale residential and development sales (before minority interest and income taxes) of $3.4 million and $5.1 million, respectively. For the three and six months ended June 30, 2008, there are no gains on condominium conversion, for sale residential and development sales in discontinued operations. A summary of revenues and costs of these activities for the three and six months ended June 30, 2008 and 2007 are as follows:
                                 
    Three Months Ended     Six Months Ended  
($ in 000s)   6/30/2008     6/30/2007     6/30/2008     6/30/2007  
Condominium conversion revenues, net
  $ 303     $ 9,675     $ 303     $ 43,754  
Condominium conversion costs
    (301 )     (9,229 )     (301 )     (39,306 )
 
                       
Gains (losses) on condominium conversion sales, before minority interest and income taxes
    2       446       2       4,448  
 
                       
For-sale residential revenues, net
    6,341       6,701       9,117       15,960  
For-sale residential costs
    (5,767 )     (6,353 )     (8,510 )     (13,370 )
 
                       
Gains (losses) on for-sale residential sales, before minority interest and income taxes
    574       348       607       2,590  
 
                       
Development revenues, net
    15,800             15,800        
Development costs (1)
    (13,002 )           (11,309 )      
 
                       
Gains on development sales, before minority interest and income taxes
    2,798             4,491        
 
                       
Minority interest
          82             224  
Provision for income taxes
    (1,243 )     (149 )     (1,383 )     (2,424 )
 
                       
Gains on condominium conversions, for-sale residential sales and developments, net of minority interest and income taxes (2)
  $ 2,131     $ 727     $ 3,717     $ 4,838  
 
                       
                                 
    Three Months Ended     Six Months Ended  
    6/30/2008     6/30/2007     6/30/2008     6/30/2007  
Condominium Conversion Projects Status
                               
Units Closed in prior periods
    1,197       1,114       1,197       935  
Units Closed in current period
    2       49       2       228  
Contracted (3)
    2       35       2       35  
Available Units (4)
    26       29       26       29  
 
                       
Total Units
    1,227       1,227       1,227       1,227  
 
                       
For-Sale Residential Projects Status
                               
Units Closed in prior periods
    178       100       166       54  
Units Closed in current period
    22       24       34       70  
Contracted (3)
    73       177       73       177  
Available Units / Lots (4)
    501       933       501       933  
 
                       
Total Units
    774       1,234       774       1,234  
 
                       
 
Notes:
 
(1)   Amount includes $1,693 recorded during Q108 for cost estimates and contingencies resolved for sales transactions recorded during previous periods.
 
(2)   The Company recognizes incremental gains on condominium sales in FFO, net of provision for income taxes, to the extent that net sales proceeds, less costs of sales, from the sale of condominium units exceeds the greater of their fair value or net book value as of the date the property is acquired by the Company’s taxable REIT subsidiary.
 
(3)   Units under contract are stated as of the end of the quarter. There can be no assurance that condominium units under contract will close.
 
(4)   The Company is leasing the remaining units at two of its previous condominium conversion projects and also at two of its previous for-sale residential projects.
Condominium Conversions
                                                     
                Average                
                Price of                
                Units   Projected   Units   Under   Remaining
Project (2)   Location   Units   Closed   Sell Out   Closed   Contract (1)   Units
 
 
                                                   
Azur at Metrowest (4)
  Orlando, FL     311     $ 158,691       4Q08 — 1Q09       291             20  
Capri at Hunter’s Creek (4)
  Orlando, FL     250     $ 196,348       4Q08 — 1Q09       242       2       6  
 
                                                   
 
                                                   
 
        561                       533       2       26  
 
                                                   
Residential For-Sale Development
                                                     
                Average                
                Price of                
                Units/Lots   Projected   Units   Under   Remaining
Project (2)   Location   Units   Closed   Sell Out   Closed   Contract (1)   Units / Lots
 
 
                                                   
Regatta at James Island (4)
  Charleston, SC     212     $ 190,540       3Q09 — 1Q10       141       7       64  
Grander (3)(4)
  Gulf Shores, AL     26     $ 731,250       1Q10 — 3Q10       12             14  
Cypress Village (lots) (3)
  Gulf Shores, AL     188     $ 200,000       2Q13 — 2Q14       5             183  
Whitehouse Creek (lots) (4)(5)
  Mobile, AL     200     $ 62,715       1Q15 — 2Q17       15             185  
Southgate on Fairview (3)(4)
  Charlotte, NC     47     $ 321,553       4Q08 — 2Q09       13       5       29  
Colonial Traditions at Gulf Shores (4)(6)
  Gulf Shores, AL         $       1Q11 — 1Q12                    
Metropolitan Midtown
  Charlotte, NC     101     $ 348,609       1Q09 — 3Q09       14       61       26  
 
                                                   
 
                                                   
 
        774                       200       73       501  
 
                                                   
 
Notes:
 
(1)   Units under contract are stated as of the end of the quarter. There can be no assurance that condominium units under contract will close.
 
(2)   In addition to the above projects, the Company has a 40% investment in Regents Park, a for-sale residential development property that will consist of 23 townhomes. As of June 30, 2008, there were six townhomes that had closed and one townhome under contract, with an average price of $1.9 million for the closed units. The Company also has a first mortgage on this property of $28.1 million as of June 30, 2008. See Unconsolidated Partnerships Summary on page 35.
 
(3)   During the third quarter of 2007, the Company recorded a $43.3 million non-cash impairment charge ($26.8 million net of income tax) associated with these projects as a result of the deterioration in the single family housing market and dislocation in the mortgage markets.
 
(4)   This project is classified as Held for Sale on the Company’s Consolidated Balance Sheet.
 
(5)   Whitehouse Creek, formerly known as Spanish Oaks, will include the sale of undeveloped parcels.
 
(6)   This project will include the sale of undeveloped parcels.
The Company’s expansion into the condominium and for-sale residential markets exposes the Company to new risks and challenges, which if they materialize, could have an adverse impact on the Company’s business, results of operations and financial condition. There can be no assurances of the amount, margin or velocity of future condominium and for-sale residential sales and closings. If market conditions do not improve or if there is further market deterioration, the Company could incur additional impairment charges on projects previously impaired as well as on projects not currently impaired but for which indicators of impairment may exist.
         
2Q08   -18-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Current Development Pipeline
($ in MMs)
                                                                             
                                                        Development Costs  
        Units / SF-in 000s     Start     Compl.     Stab.     Total     Thru        
    Location   Total     Deliv’d     Leased     Date     Date     Date     Cost     Q208     After  
 
                                                                           
Multifamily
                                                                           
CG at Ayrsley
  Charlotte, NC     368       350       277       3Q06       3Q08       3Q08     $ 34.9     $ 34.7     $ 0.2  
CG at Onion Creek
  Austin, TX     300       140       57       1Q07       4Q08       2Q09       31.8       29.2       2.6  
CV at Godley Lake
  Savannah, GA     288       144       63       3Q07       3Q08       1Q09       26.2       23.1       3.1  
CV at Matthews Commons
  Charlotte, NC     216                   4Q07       4Q08       2Q09       21.1       11.1       10.0  
CG at Desert Vista
  Las Vegas, NV     380                   1Q08       3Q09       2Q10       52.0       23.4       28.6  
CG at Ashton Oaks
  Austin, TX     362                   1Q08       2Q09       4Q09       34.3       12.3       22.0  
 
                                                                     
 
                                                        200.3       133.8       66.5  
 
                                                                     
 
                                                                           
Commercial
                                                                           
Office
                                                                           
Metropolitan * (1)
  Charlotte, NC     162             137       3Q06       2Q08       1Q09       39.6       28.6       11.0  
Retail
                                                                           
Colonial Promenade Fultondale
  Birmingham, AL     235             231       2Q06       2Q08       3Q08       23.1       22.9       0.2  
Colonial Promenade Tannehill
  Birmingham, AL     351             284       1Q07       1Q09       1Q09       48.9       45.0       3.9  
Colonial Promenade Nor du Lac (2)
  Covington, LA     531             144       2Q08       2Q11       3Q11       146.7       27.3       119.4  
Metropolitan * (1)
  Charlotte, NC     189             114       3Q06       2Q09       4Q09       48.7       32.9       15.8  
 
                                                                     
 
                                                        307.0       156.7       150.3  
 
                                                                     
 
                                                                           
For Sale Projects
                                                                           
Metropolitan * (1)
  Charlotte, NC     101       14       n/a (3)     3Q06       1Q09               43.1       28.5       14.6  
 
                                                                     
 
                                                      $ 43.1     $ 28.5     $ 14.6  
 
                                                                     
 
                                                                           
Total Active Development Projects
                                                      $ 550.4     $ 319.0     $ 231.4  
 
                                                                           
Residential Lots for Sale
                                                                           
Cypress Village (lots)(4)
  Gulf Shores, AL     236       236       n/a (3)     1Q06       2Q14             $ 21.6     $ 20.2     $ 1.4  
Whitehouse Creek (lots)
  Mobile, AL     200       59       n/a (3)     1Q06       3Q11               17.6       15.7       1.9  
 
                                                                     
 
                                                      $ 39.2     $ 35.9     $ 3.3  
 
                                                                     
 
                                                                           
Future Development Projects (see page 20)
                                                      $         219.4          
Less assets transferred to operating assets
                                                                (58.9 )        
 
                                                                         
 
                                                                           
Total Properties Under Development (per Balance Sheet)
                                                              $ 515.4          
 
                                                                         
 
                                                                           
Unconsolidated Projects (5)
                                                                           
Colonial Promenade Smyrna * (6)
  Nashville, TN     148             138       1Q07       4Q08       1Q09     $ 18.7     $ 17.6     $ 1.1  
Colonial Pinnacle Turkey Creek III (7)
  Knoxville, TN     160             106       1Q08       2Q09       3Q09       15.7       4.4       11.3  
CG at McKinney (8)
  Dallas, TX     541                   4Q08       2Q10       1Q11       14.6       1.6       13.0  
 
                                                                     
 
                                                      $ 49.0     $ 23.6     $ 25.4  
 
                                                                     
         
Target Development Yield Ranges:
       
Multifamily:
    7.0-8.5 %
Office:
    8.5-11.0 %
Retail:
    8.5-11.0 %
 
*   These projects are part of a mixed-use development.
 
Notes:
 
(1)   Development costs are net of economic grant proceeds of approximately $12.3 million (present value) to be received after property is put into service.
 
(2)   Total cost for this project excludes $24.0 million of community development district special assessment bonds.
 
(3)   For units sold at these projects, see page 18.
 
(4)   During 2007, the Company recorded a non-cash impairment charge associated with these projects as a result of the deterioration in the single family housing market. Total cost and Project cost to date are net of the impairment charge recorded during 2007.
 
(5)   Units and square feet for unconsolidated projects are presented at 100%.
 
(6)   Development costs represent 50% of total development costs, as the Company is a 50% partner in this project.
 
(7)   Development costs represent 50% of total development costs, as the Company is a 50% partner in this project.
 
(8)   Development costs represent 25% of total development costs, as the Company is a 25% partner in this project.
         
2Q08   -19-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Future Development Pipeline
($ in MMs)
                     
        Units/     Cost to  
    Location   SF-in 000s     Date  
 
                   
Multifamily
                   
CG at Thunderbird
  Phoenix, AZ     244     $ 8.0  
CG at Sweetwater
  Phoenix, AZ     195       7.1  
CG at Azure
  Las Vegas, NV     188       7.3  
CG at Cityway
  Austin, TX     376       4.7  
CG at Wakefield
  Raleigh, NC     369       6.7  
CG at South End
  Charlotte, NC     344       11.0  
CG at Hampton Preserve
  Tampa, FL     486       12.7  
CG at Randal Park (1)
  Orlando, FL     600       12.8  
 
                 
 
                70.3  
 
                 
 
                   
Commercial
                   
 
                   
Retail
                   
Colonial Pinnacle Craft Farms II (1)
  Gulf Shores, AL     74       1.5  
Colonial Promenade Huntsville
  Huntsville, AL     111       9.2  
 
                 
 
                10.7  
 
                 
 
                   
Future Development Projects
              $ 81.0  
 
                 
 
                   
Undeveloped Land & Other Pre-development costs
                138.4  
 
                   
Total Future Development Projects
              $ 219.4  
 
                 
 
(1)   These projects are part of a mixed-use development.
ASSETS HELD FOR SALE
         
    Total  
    Cost  
 
       
Multifamily assets
  $ 219.2  
Office assets
     
Retail assets
     
For-Sale Residential
    58.9  
 
     
 
       
Total Assets Held For Sale (per Balance Sheet) (1)
  $ 278.1  
 
     
 
(1)   These real estate assets are refected at the lower of depreciated cost or fair value less costs to sell.
         
2Q08   -20-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Property Acquisitions and Dispositions
($ in MMs)
SIGNIFICANT PROPERTY ACQUISITIONS
                                                 
                        Purch   1st Yr   Cap    
    Location   Date   Units/SF   Price   Invest   Rate   Remarks
                (SF-000s)   ($ mm)   (1)   (2)    
 
                                               
Multifamily
                                               
Colonial Village at Matthews
  Charlotte, NC   Jan-08     270     $ 18.4     $ 19.0       6.1 %   remaining 75% interest
SIGNIFICANT PROPERTY DISPOSITIONS
                                             
                        Sales     Cap        
    Location   Date     Units/SF     Price     Rate     Remarks  
                (SF-000s)     ($ mm)     (3)          
 
                                           
Multifamily
                                           
Fairmont at Fossil Creek
  Fort Worth, TX   Jan-08     240     $ 3.2       5.4 %   15% ownership interest
Auberry at Twin Creeks
  Dallas, TX   Jan-08     216       3.2       5.6 %   15% ownership interest
Arbors at Windsor Lake
  Columbia, SC   Jan-08     228       1.4       6.4 %   10% ownership interest
Park Crossing
  Fairfield, CA   Feb-08     200       3.4       5.7 %   10% ownership interest
Cottonwood Crossing
  Fort Worth, TX   Jun-08     200       7.3       6.5 %   (4)     
CV at Bedford
  Fort Worth, TX   Jun-08     238       12.0       6.5 %   (4)     
CV at Bear Creek
  Fort Worth, TX   Jun-08     120       6.0       6.5 %   (4)     
CV at Pear Ridge
  Dallas, TX   Jun-08     242       15.5       6.5 %   (4)     
CG at Shelby Farms I & II
  Memphis, TN   Jun-08     450       41.0       5.9 %   (5)     
Stone Ridge
  Columbia, SC   Jun-08     191       0.8       7.3 %   10% ownership interest
 
                                         
 
                                           
Total — Multifamily
                        93.8                  
 
                                           
Office
                                           
250 Commerce Center
  Montgomery, AL   Feb-08     37.0       3.1       10.1 %        
Decoverly
  Rockville, MD   May-08     156.0       5.4       8.7 %   15% ownership interest
 
                                         
 
                                           
 
                        8.5                  
 
                                           
Retail
                                           
GPT
  Multiple Cities   Feb-08     3,876.0       38.3       8.0 %   10% ownership interest
 
                                         
 
                                           
 
  Total                   $ 140.6                  
 
                                         
 
Notes:
 
(1)   First year investment includes the first year capital expenditures and closing costs which are included for purposes of underwriting the acquisition.
 
(2)   Projected GAAP property NOI divided by the projected first year investment price.
 
(3)   Represents market cap rate which includes industry standard management fees and capital reserves.
 
(4)   These properties were part of a single transaction and had a weighted average cap rate of 6.5%.
 
(5)   The sale of Shelby Farms I & II included short-term seller financing of $27.8 million. The original terms of the note has a maturity date of July 27, 2008 at a rate of 6.5%. There are two 30-day extension options available at a rate of 8.0% and 12.0%, respectively.
         
2Q08   -21-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Debt Summary
As of June 30, 2008
($ in 000s)
QUARTERLY DEBT SUMMARY
                                                                   
    CONSOLIDATED DEBT       WITH UNCONSOLIDATED SUBSID. DEBT  
    Debt     %     Avg Int     Wtd Mat’y       Debt     %     Avg Int     Wtd Mat’y  
 
                                                                 
Unsecured/Secured
                                                                 
Unsecured Line of Credit
  $ 184,707       11 %     3.2 %     4.0       $ 184,707       8 %     3.2 %     4.0  
Unsecured Other
    1,459,289       83 %     5.8 %     5.2         1,459,289       66 %     5.8 %     5.2  
Secured
    104,996       6 %     5.4 %     8.6         584,227       26 %     5.3 %     5.0  
           
Total Debt
  $ 1,748,992       100 %     5.5 %     5.3       $ 2,228,223       100 %     5.4 %     5.0  
           
 
                                                                 
Fixed/Floating
                                                                 
Fixed Rate Debt
  $ 1,549,756       89 %     5.8 %     5.5       $ 1,904,592       85 %     5.8 %     5.4  
Floating Rate Debt — Capped
                              39,630       2 %     4.2 %     0.5  
Floating Rate Debt
    199,237       11 %     3.3 %     3.7         284,002       13 %     3.5 %     2.9  
           
Total Debt
  $ 1,748,992       100 %     5.5 %     5.3       $ 2,228,223       100 %     5.4 %     5.0  
           
PRINCIPAL DEBT AMORTIZATION SCHEDULE
($ in MMs)
(BAR CHART)
Amortization Schedule includes unconsolidated debt and excludes the Revolving Line of Credit — due June 2012
         
    Weighted Average Interest
    Rate on Maturing Debt
    (excluding line of credit)
2008
    4.55 %
2009
    4.30 %
2010
    5.52 %
2011
    4.88 %
2012
    6.81 %
2013
    6.11 %
2014
    6.10 %
2015
    5.49 %
Thereafter
    5.99 %
 
       
Total
    5.76 %
 
       
LINE OF CREDIT
                                 
    12/31/07   06/30/08   Interest Rate   Due
 
                               
Floating
  $ 39,316     $ 184,707       3.21 %     06/15/12  
Competitive Bid Option — Floating
                         
             
Total Outstanding on LOC
  $ 39,316     $ 184,707       3.21 %        
             
 
Notes:
  On January 8, 2008, the Company increased its borrowing capacity to $675MM, which includes a $337.5MM Competitive Bid Option, by exercising the accordion feature under its existing LOC.
 
  In addition to the $675MM LOC, Wachovia has provided a $35MM Cash Management Line.
 
  20 Banks participate in the LOC, co-led by Wachovia and Bank of America.
 
  The Facility is priced based on the Company’s Senior Unsecured Debt Rating.
 
  At BBB-/Baa3: the interest rate is LIBOR + 75 bps, and the facility fee is 17.5 bps.
 
  5-Year facility through June 2012.
         
2Q08   -22-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Debt Summary
As of June 30, 2008
($ in 000s)
PUBLIC RATINGS
                 
            Rating
            Senior Unsecured   Preferred
Fitch Ratings
  Sean Pattap   212-908-0642   BBB-   BB+
Moody’s Investor Services
  Karen Nickerson   212-553-4924   Baa3   Ba1
Standard & Poor’s
  Lisa Wright   212-438-3121   BBB-   BB+
COVERAGE RATIOS
                                 
    2Q07     YTD '07     2Q08     YTD '08  
SEC Coverage Ratios (SEC Reg. S-K, Item 503)
                               
Earnings to Fixed Charges (1)
    0.5       0.6       0.9       0.9  
Earnings to Fixed Charges & Preferred Share Distributions (1)
    0.4       0.6       0.8       0.8  
 
                               
Supplemental Coverage Ratios
                               
Interest Coverage (2)
    2.2       2.4       2.4       2.4  
Fixed Charge Coverage (3)
    1.8       2.0       2.1       2.0  
Fixed Charge w/ Cap Int (4)
    1.6       1.7       1.7       1.6  
See page 28 for a Reconciliation of SEC Coverage Ratios and a Reconciliation of Supplemental
Coverage Ratios.
Coverage ratios as calculated by the Company may not be comparable to similarly titled measures used by other companies. Investors are cautioned that these measures should not be taken alone to determine a Company’s financial status.
 
Notes:
(1)   The deficiency of the ratio of earnings to fixed charges for the periods presented above is primarily due to the classification of operations for assets held for sale and sold as discontinued operations.
 
(2)   EBITDA/Interest Expense, including unconsolidated partnerships and joint ventures. The Company believes this ratio is useful as an additional measure of the Company’s ability to service debt. Additionally, management uses this ratio to make balance sheet management decisions.
 
(3)   EBITDA/Interest Exp + Pfd Dividends+Debt Prin Repayments, including unconsolidated partnerships and joint ventures. The Company believes this ratio is useful as an additional measure of the Company’ s ability to service debt. Additionally, management uses this ratio to make balance sheet management decisions.
 
(4)   EBITDA/Interest Exp+Capitalized Interest+Pfd Div+Debt Prin Repayments, including unconsolidated partnerships and joint ventures. The Company believes this ratio is useful as an additional measure of the Company’ s ability to service debt. Additionally, management uses this ratio to make balance sheet management decisions.
FINANCIAL COVENANTS AND PUBLIC DEBT
                                                                 
    1Q07   2Q07   3Q07   4Q07   1Q08   2Q08   3Q08   4Q08
Consolidated Debt to Total Assets cannot exceed 60%
    52.0 %     54.8 %     53.5 %     53.4 %     53.1 %     53.9 %                
Secured Debt to Total Assets cannot exceed 40%
    15.8 %     13.5 %     13.9 %     14.8 %     14.7 %     14.1 %                
Total Unencumbered Assets to Unsecured Debt must be at least 150%
    192.3 %     199.3 %     208.8 %     207.9 %     206.6 %     211.5 %                
Consolidated Income Available for Debt Service Charges must be at least 1.50/1
    2.7x       2.6x       2.6x       2.3x       2.4x       2.5x                  
 
TOTAL MARKET CAPITALIZATION
                                                               
Consolidated Debt
  $ 2,311,734     $ 1,851,464     $ 1,629,502     $ 1,641,839     $ 1,678,038     $ 1,748,992                  
Unconsolidated Debt
    342,714       461,042       492,432       544,208       500,940       479,231                  
 
                                                               
Total Debt
    2,654,448       2,312,506       2,121,934       2,186,047       2,178,978       2,228,223                  
Preferred Stock
                                                               
7.25% Series B (Units)
    100,000       100,000       100,000       100,000       100,000       100,000                  
8.125% Series D
    125,000       125,000       125,000       125,000       117,326       102,906                  
7.62% Series E
    104,761                                                
 
                                                               
Total Preferred Stock
    329,761       225,000       225,000       225,000       217,326       202,906                  
 
                                                               
Market Equity (Shares & Units)
    2,602,505       2,068,866       1,961,823       1,295,997       1,376,069       1,149,729                  
 
                                                               
Total Market Capitalization
  $ 5,586,714     $ 4,606,372     $ 4,308,757     $ 3,707,044     $ 3,772,373     $ 3,580,858                  
 
                                                               
 
                                                               
Debt / Total Market Capitalization
    47.5 %     50.2 %     49.2 %     59.0 %     57.8 %     62.2 %                
TOTAL MARKET CAPITALIZATION (W/ SUB): 5-YEAR
(PERFORMANCE GRAPH)
TOTAL MARKET CAPITALIZATION (W/ SUB): CURRENT QTR
(PIE CHART)
         
2Q08   -23-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Corporate — Trends
($ in 000s, except per share data)
SUPPLEMENTAL DATA
                                 
    Q208     Q207     YTD 08     YTD 07  
Consolidated
                               
FFO Gains/(Losses) (net of income taxes & minority interest):
                               
Condo Conversions
  $ 3     $ 464     $ 22     $ 3,132  
For-Sale Residential
    387       263       433       1,706  
Development (1)
    1,741             3,262        
Land / Outparcel Sales
    74       417       435       559  
 
                       
Totals
    2,205       1,144       4,130       5,397  
 
                               
3rd Party Mgt & Leasing Fee Revenue
    5,151       5,312       10,449       8,554  
Straight Line Rents
    784       2,308       817       3,875  
Percentage Rents
    155       662       262       910  
Lease Terminations
    7       321             333  
Interest Expense
    17,013       26,573       34,492       54,483  
Interest Income
    1,184       2,095       1,976       4,229  
Capitalized Interest
    7,011       7,347       13,348       13,592  
Debt — Principal Amortization
    165       968       364       2,556  
Preferred Dividend Payments
    3,993       5,682       8,307       11,986  
Preferred Share Issuance Costs, Net of Discount
    83       330       267       330  
Amortization of Deferred Financing Costs
    1,267       2,510       2,455       4,161  
Amortization of Stock Compensation
    1,228       1,550       2,532       2,995  
Unconsolidated (2)
                               
Straight Line Rents
    392       325       894       690  
Interest Expense
    7,771       5,621       15,712       10,862  
Debt — Principal Reductions
    100       99       194       239  
Amortization of Deferred Financing Costs
    139       162       287       331  
 
Notes:
(1)   YTD amount includes $1,693 recorded during Q108 for cost estimates and contingencies resolved for sales transactions recorded during previous periods.
 
(2)   The unconsolidated revenue and expense data are comprised of the Company’s percentage of the applicable line item, which is calculated in accordance with GAAP, for its unconsolidated partnerships and joint ventures. The Company believes this unconsolidated data is useful to investors in measuring the Company’s rights to cash flows and debt obligations related to the Company’s unconsolidated partnerships and joint ventures. The Company manages or leases each of its unconsolidated assets. Incorporating unconsolidated data also provides investors with management’s view of evaluating current operating performance and trends.
INVESTMENT ACTIVITY
                                 
    Q208     Q207     YTD 08     YTD 07  
Acquisition of Properties
                               
Multifamily
  $     $ 26,880     $ 18,375     $ 150,471  
Office
                       
Retail
                       
 
                       
Acquisitions
          26,880       18,375       150,471  
Other Assets & Debt Assumed
                (14,700 )      
Less: Unconsolidated Assets
          (5,980 )           (12,273 )
 
                       
Acq, net — Consolidated Assets
  $     $ 20,900     $ 3,675     $ 138,198  
 
                               
Development Expenditures
                               
Multifamily
    29,721       33,587       60,714       50,044  
Office
    9,268       19,496       14,356       31,313  
Retail
    51,465       20,348       67,737       41,602  
For-Sale / Other
    31,704       20,223       66,597       61,896  
 
                       
Total, incl subs
    122,158       93,654       209,404       184,855  
 
Less: Infrastructure Reimbursement from City/County
    (150 )     (390 )     (150 )     (7,178 )
Less: Unconsolidated /Other (1)
    (5,718 )     (2,161 )     (10,825 )     (9,044 )
 
                       
Development, Consol. Assets
  $ 116,290     $ 91,103     $ 198,429     $ 168,633  
 
                       
 
(1)   Includes items reclassified to other cash flow investing activites.
                                 
Proceeds from Sales of Properties, Net of Selling Costs
                               
Multifamily
  $ 81,491     $ 94,713     $ 92,711     $ 251,099  
Office
    1,620       378,983       8,070       393,044  
Retail
          162,810       7,021       175,313  
For Sale / Projects
    6,644       16,376       11,125       58,786  
Land and other
    1,200       2,670       3,428       4,028  
 
                       
Total, incl subs
    90,955       655,552       122,355       882,270  
Selling Costs
    (1,947 )     (17,290 )     (2,583 )     (28,856 )
Outparcels/Land
    (1,200 )     (2,670 )     (3,428 )     (4,028 )
Less: Unconsolidated — net
    (1,620 )           (23,716 )     (29,061 )
 
                       
Sales, Net — Consolidated Assets
  $ 86,188     $ 635,592     $ 92,628     $ 820,325  
 
                       
The unconsolidated data regarding investment activity, capital expenditures, tenant improvements and leasing commissions set forth herein are calculated in accordance with GAAP, for all of its unconsolidated partnerships and joint ventures. The Company believes this unconsolidated data is useful to investors in evaluating the total cash investing activities of the Company. Typically, the percent of investment activities for its unconsolidated assets must be funded out of current Company cash flows, and therefore, management uses the combined data to make financing and capital decisions.
         
2Q08   -24-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s, except per share data)
RECONCILIATION OF REVENUES
                                 
    Q208     Q207     YTD 08     YTD 07  
Divisional Total Revenues
                               
Multifamily — Same Property
  $ 68,284     $ 67,363     $ 135,706     $ 132,654  
Multifamily — Non-Same Property
    11,781       11,074       22,654       22,272  
Office
    14,873       33,356       29,481       71,381  
Retail
    8,313       24,204       17,023       49,504  
 
                       
Total Divisional Revenues
    103,251       135,997       204,864       275,811  
 
                               
Less: Unconsolidated Revenues — Mfam
    (2,131 )     (2,659 )     (4,347 )     (5,230 )
Less: Unconsolidated Revenues — Off
    (12,902 )     (8,346 )     (26,048 )     (16,172 )
Less: Unconsolidated Revenues — Rtl
    (4,747 )     (3,940 )     (10,083 )     (7,609 )
Discontinued Operations
    (9,829 )     (20,154 )     (19,853 )     (41,880 )
Construction Revenues
    569       8,068       8,449       20,853  
Unallocated Corporate Rev
    5,151       5,312       10,449       8,554  
 
                       
Cons. Rev, adj -’08 Disc Ops
    79,362       114,278       163,431       234,327  
 
                       
 
                               
Add: Add’l Disc Ops Rev, post filing
          9,935             19,583  
 
                       
Total Consol. Rev, per 10-Q / K
  $ 79,362     $ 124,213     $ 163,431     $ 253,910  
 
                       
RECONCILIATION OF EXPENSES
                                 
    Q208     Q207     YTD 08     YTD 07  
Divisional Total Expenses
                               
Multifamily — Same Property
  $ 25,320     $ 25,713     $ 51,109     $ 50,863  
Multifamily — Non-Same Property
    5,598       5,816       10,839       12,009  
Office
    5,435       11,539       10,805       24,578  
Retail
    2,623       7,559       5,380       15,001  
 
                       
Total Divisional Expenses
    38,976       50,627       78,133       102,451  
 
                               
Less: Unconsolidated Expenses — Mfam
    (1,114 )     (1,364 )     (2,201 )     (2,869 )
Less: Unconsolidated Expenses — Off
    (4,763 )     (3,475 )     (9,620 )     (6,551 )
Less: Unconsolidated Expenses — Rtl
    (1,444 )     (1,264 )     (2,995 )     (2,406 )
Discontinued Operations (1)
    (3,864 )     (10,326 )     (7,799 )     (19,113 )
Impairment Charge (1)
          2,500             2,500  
 
                       
Total Property Operating Exp
    27,791       36,698       55,518       74,012  
Construction Expenses
    564       7,495       7,830       19,866  
Property Management Exp
    2,072       3,598       4,313       7,085  
General & Administrative Exp
    5,789       8,040       11,570       14,018  
Management Fee and Other Exp
    4,346       4,034       8,031       6,977  
Restructure Charges
          1,528             1,528  
Investment and Development (2)
    108       315       877       454  
Depreciation
    23,038       28,941       44,956       60,105  
Amortization
    972       3,182       1,743       8,907  
 
                       
Cons. Exp, adj -’08 Disc Ops
    64,680       93,831       134,838       192,952  
 
                       
 
                               
Add: Add’l Disc Ops Exp, post filing
          6,627             13,199  
 
                       
Total Consol. Exp, per 10-Q / K
  $ 64,680     $ 100,458     $ 134,838     $ 206,151  
 
                       
Notes on following page.
         
2Q08   -25-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s, except per share data)
RECONCILIATION OF NOI
                                 
    Q208     Q207     YTD 08     YTD 07  
Divisional Total NOI
                               
Multifamily — Same Property
  $ 42,964     $ 41,650     $ 84,597     $ 81,791  
Multifamily — Non-Same Property
    6,183       5,258       11,815       10,263  
Office
    9,438       21,817       18,676       46,803  
Retail
    5,690       16,645       11,643       34,503  
 
                       
Total Divisional NOI
    64,275       85,370       126,731       173,360  
 
                               
Less: Unconsolidated NOI — Mfam
    (1,017 )     (1,295 )     (2,146 )     (2,361 )
Less: Unconsolidated NOI — Off
    (8,139 )     (4,871 )     (16,428 )     (9,621 )
Less: Unconsolidated NOI — Rtl
    (3,303 )     (2,676 )     (7,088 )     (5,203 )
Discontinued Operations (1)
    (5,965 )     (9,828 )     (12,054 )     (22,767 )
Impairment Charge (1)
          (2,500 )           (2,500 )
Unallocated Corporate Rev
    5,151       5,312       10,449       8,554  
Construction NOI
    5       573       619       987  
Property Management Exp
    (2,072 )     (3,598 )     (4,313 )     (7,085 )
General & Administrative Exp
    (5,789 )     (8,040 )     (11,570 )     (14,018 )
Management Fee and Other Exp
    (4,346 )     (4,034 )     (8,031 )     (6,977 )
Restructure Charges
          (1,528 )           (1,528 )
Investment and Development (2)
    (108 )     (315 )     (877 )     (454 )
Depreciation
    (23,038 )     (28,941 )     (44,956 )     (60,105 )
Amortization
    (972 )     (3,182 )     (1,743 )     (8,907 )
 
                       
Income from Operations
    14,682       20,447       28,593       41,375  
Total Other Income (Expense)
    (9,187 )     253,183       (8,591 )     236,023  
 
                       
Income from Contin’g Ops (3)
    5,495       273,630       20,002       277,398  
 
                       
 
                               
Disc Ops
          3,308             6,384  
07 & 08 Disc Ops Other Inc(Exp)
          (4,491 )           (6,026 )
 
                       
Inc from Cont (3), per 10-Q / K
  $ 5,495     $ 272,447     $ 20,002     $ 277,756  
 
                       
 
Notes:    
 
(1)   The $2.5 million impairment charge is related to a retail asset classified as Held for Sale, therefore, this charge is also included in discontinued operations.
 
(2)   Reflects costs incurred related to abandoned pursuits. Abandoned pursuits are volatile and therefore may vary between periods.
 
(3)   Income from Continuing Operations before extraordinary items, minority interest and discontinued operations. Adjustments for additional discontinued operations have restated prior periods in accordance with FAS 144.
QUARTERLY DATA FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2008 AND 2007
                                 
    Q208     Q207     YTD 08     YTD 07  
Assets Sold
                               
Revenue from assets sold
  $ 1,433     $ 11,657     $ 3,022     $ 25,178  
Expenses from assets sold
    860       4,739       1,694       10,587  
 
                       
NOI from assets sold
    573       6,918       1,328       14,591  
 
                       
 
                               
Assets Held for Sale
                               
Revenue from assets held for sale
    8,396       8,496       16,832       16,702  
Expenses from assets held for sale
    3,004       3,086       6,106       6,026  
 
                       
NOI from assets held for sale
    5,392       5,410       10,726       10,676  
 
                       
 
                               
Assets sold, not classified in discontinued operations
                               
Revenue from assets sold
    1,641       34,953       2,726       76,606  
Expenses from assets sold
    467       11,991       1,034       26,085  
 
                       
NOI from assets sold
  $ 1,174     $ 22,962     $ 1,692     $ 50,521  
 
                       
         
2Q08   -26-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s, except per share data)
NOI FROM DISCONTINUED OPERATIONS
NOI as reported by the Company does not include results from discontinued operations (i.e., assets sold or held for sale as of June 30, 2008). A reconciliation of NOI from properties sold or held for sale to net income for these properties is as follows:
                                 
    Q208     Q207     YTD 08     YTD 07  
 
                               
Income from discontinued operations
  $ 5,436     $ 1,501     $ 9,753     $ 8,267  
Interest (income) expense, net
          2,008       (1 )     4,433  
Depreciation and amortization expenses
    529       3,198       2,302       6,938  
Other
          5,621             5,629  
 
                       
NOI from discontinued operations
  $ 5,965     $ 12,328     $ 12,054     $ 25,267  
 
                       
 
                               
NOI from assets sold
    573       6,918       1,328       14,591  
NOI from assets held for sale
    5,392       5,410       10,726       10,676  
 
                       
NOI from discontinued operations
  $ 5,965     $ 12,328     $ 12,054     $ 25,267  
 
                       
EBITDA RECONCILIATION
                                 
    Q208     Q207     YTD 08     YTD 07  
Net Income to Common S/H
  $ 9,074     $ 304,934     $ 23,306     $ 336,802  
Consolidated
                               
Minority Interest
    1,902       3,569       4,913       10,836  
(Inc)/Loss — Uncons. Assets
    (2,037 )     2,090       (12,307 )     (4,723 )
Preferred Dividends
    3,993       5,683       8,307       11,985  
Preferred Share Issuance Costs
    83       330       267       330  
Interest Expense
    17,013       26,573       34,492       54,483  
(Gain)/Loss on Retirement of Debt
    (2,730 )     12,491       (8,201 )     12,559  
Income Tax Expense
    1,408       805       1,999       3,307  
Depreciation & Amortization
    24,539       35,320       49,001       75,950  
(Gain)/Loss on Sale (Cont & Disc)
    (8,747 )     (329,413 )     (13,983 )     (367,814 )
Gain/(Loss)-Undeprec Prop (1)
    2,205       887       4,130       5,140  
 
                       
EBITDA from Consolidated Props
    46,703       63,269       91,924       138,855  
 
                       
Unconsolidated
                               
Reverse: Inc/(Loss) — Uncons.
    2,037       (2,090 )     12,307       4,723  
Interest Expense
    7,771       5,621       15,712       10,862  
Depreciation & Amortization
    7,752       5,309       15,259       10,458  
(Gain)/Loss on Sale of Prop
    (4,497 )     (73 )     (16,793 )     (8,554 )
 
                       
EBITDA
  $ 59,766     $ 72,036     $ 118,409     $ 156,344  
 
                       
 
(1)   The Company includes the effects of undepreciated real estate (e.g. land, outparcels and condominium units) in EBITDA, as this is a recurring source of cash.
EBITDA is defined as earnings before interest, taxes, depreciation and amortization (“EBITDA”), including the effects of the Company’s percentage ownership of its unconsolidated partnerships and joint ventures; the calculation also excludes the effects of gains (losses) from depreciated property. The Company believes EBITDA is useful to investors as an indicative measure of operating performance due to the significant long-lived real estate exposure and because it can be used to measure the Company’s ability to service debt, fund capital expenditures and expand its business. However, EBITDA should not be considered an alternative to net income, operating profit, cash flow from operations or any other operating or liquidity performance measure prescribed by GAAP. In addition, EBITDA as calculated by the Company, may not be comparable to similarly titled measures used by other companies. Investors are cautioned that the items adjusted to Net Income to Common Shareholders are significant components in understanding and assessing the Company’s financial performance.
         
2Q08   -27-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s, except per share data)
RECONCILIATION OF SEC COVERAGE RATIOS
                                 
    Q208     Q207     YTD 08     YTD 07  
Earnings
                               
Net Income (before preferred shares)
  $ 11,337     $ 309,134     $ 28,241     $ 345,493  
Discontinued Operations:
                               
(Income)/Loss from Discontinued Operations
    (5,436 )     (1,501 )     (9,752 )     (8,267 )
Minority Interest in CRLP
    1,655       7,484       2,922       15,205  
(Gains)/Losses on Disposal of Discontinued Operations, net of income taxes
    (4,116 )     (39,335 )     (7,017 )     (74,136 )
Minority Interest of Limited Partners
          32       (13 )     73  
CRLP Minority Interest — Common U/H
    247       (3,915 )     1,991       (4,369 )
(Gains)/Losses from Sales of Property, net of income taxes
    (3,334 )     (289,822 )     (5,277 )     (291,146 )
Minority Interest of Limited Partners
    (5 )     (82 )     (9 )     (225 )
Income Taxes and Other
    192       198       (595 )     431  
(Income)/Loss from Unconsolidated Entities
    (2,037 )     2,090       (12,307 )     (4,723 )
 
                       
 
    (1,497 )     (15,717 )     (1,816 )     (21,664 )
Amortization of Interest Capitalized
    900       600       1,800       1,200  
Capitalized Interest
    (7,011 )     (7,347 )     (13,348 )     (13,592 )
Distributions from Unconsolidated Entities
    3,817       2,918       7,034       5,253  
Fixed Charges, from below
    27,104       38,243       53,934       75,860  
 
                       
Earnings
    23,313       18,697       47,604       47,057  
 
                       
 
                               
Fixed Charges
                               
Interest Expense
    17,013       26,573       34,492       54,483  
Capitalized Interest
    7,011       7,347       13,348       13,592  
Amortization of Deferred Financing Costs
    1,267       2,510       2,455       4,161  
Distrib to Series B Pfd Unitholders
    1,813       1,813       3,639       3,624  
 
                       
Total
    27,104       38,243       53,934       75,860  
 
                       
 
                               
Fixed Charges & Preferred Share Distributions
                               
Add: Distrib-Pfd Share Series B, D & E
    2,180       3,870       4,668       8,361  
 
                       
Total
  $ 29,284     $ 42,113     $ 58,602     $ 84,221  
 
                       
RECONCILIATION OF SUPPLEMENTAL COVERAGE RATIOS
                                 
    Q208     Q207     YTD 08     YTD 07  
 
                               
Interest Coverage Denominator
                               
Interest Expense
  $ 17,013     $ 26,573     $ 34,492     $ 54,483  
Interest Expense — Unconsolidated
    7,771       5,621       15,712       10,862  
 
                       
Total Interest Expense
    24,784       32,194       50,204       65,345  
 
                       
 
                               
Fixed Charge Denominator
                               
Add: Preferred Dividend Payments
    3,993       5,683       8,307       11,985  
Debt Principal Amortization
    165       968       364       2,556  
Debt Principal Amortization — Unconsolidated
    100       99       194       239  
 
                       
Total Fixed Charges
    29,042       38,944       59,069       80,125  
 
                       
 
                               
Fixed Charge w/ Capitalized Interest Denominator
                               
Add: Capitalized Interest
    7,011       7,347       13,348       13,592  
 
                       
Total Fixed Charges w/ Capitalized Interest
  $ 36,053     $ 46,291     $ 72,417     $ 93,717  
 
                       
         
2Q08   -28-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Multifamily Community Table
As of June 30, 2008
Appendix
                                                                     
                      Apartment   Square   Occupancy       Market Rental Rates
Property   MSA   State   Year Built / Avg Age   % Own   Homes   Feet(000s)   Rate   Per Home   Per SF   S-P
 
                                                                   
PROPERTIES IN MAJOR MARKETS
                                                                   
CG at Huntcliff
  Atlanta   GA     1997       20 %     358       365       97.2 %   $ 907     $ 0.90      
CG at Berkeley Lake
  Atlanta   GA     1998       100 %     180       244       96.7 %     933       0.69     S
CG at Mount Vernon
  Atlanta   GA     1997       100 %     213       257       97.2 %     1,093       0.91     S
CG at River Oaks
  Atlanta   GA     1992       100 %     216       276       97.2 %     889       0.70     S
CG at River Plantation
  Atlanta   GA     1994       100 %     232       310       97.4 %     908       0.68     S
CG at Sugarloaf
  Atlanta   GA     2002       100 %     250       329       98.4 %     909       0.69     S
CG at McGinnis Ferry
  Atlanta   GA     1997       100 %     434       509       97.5 %     876       0.75     S
CG at Barrett Creek
  Atlanta   GA     1999       100 %     332       310       96.4 %     806       0.86     S
CG at McDaniel Farm
  Atlanta   GA     1997       100 %     425       451       97.9 %     783       0.74     S
CG at Shiloh
  Atlanta   GA     2002       100 %     498       533       96.4 %     847       0.79     S
CG at Pleasant Hill
  Atlanta   GA     1996       100 %     502       502       96.2 %     794       0.79     S
 
Total
      11   10.6 Years               3,640       4,086       97.0 %     864       0.76      
 
Same Store
      10   10.6 Years               3,282       3,722       97.0 %     863       0.76      
 
 
                                                                   
Cunningham
  Austin   TX     2000       20 %     280       258       96.8 %     760       0.82      
CG at Canyon Creek
  Austin   TX     2007       25 %     336       349       95.5 %     881       0.85      
CG at Silverado
  Austin   TX     2004       100 %     238       240       93.3 %     773       0.77     S
CG at Silverado Reserve
  Austin   TX     2006       100 %     256       266       93.0 %     837       0.80     S
CV at Quarry Oaks
  Austin   TX     1996       100 %     533       470       96.1 %     714       0.81     S
CV at Sierra Vista
  Austin   TX     1999       100 %     232       206       98.7 %     682       0.77     S
CG at Round Rock
  Austin   TX     2006       100 %     422       430       97.4 %     809       0.79     S
CV at Canyon Hills
  Austin   TX     1996       100 %     229       183       98.3 %     699       0.87     S
 
Total
      8   6.3 Years               2,526       2,401       96.2 %     759       0.80      
 
Same Store
      6   6.8 Years               1,910       1,794       96.2 %     753       0.80      
 
 
                                                                   
The Groves at Riverchase
  Birmingham   AL     1996       20 %     345       327       96.8 %     740       0.78      
Colony Woods
  Birmingham   AL     1988       10 %     414       451       98.3 %     685       0.62      
Meadows
  Birmingham   AL     1987       10 %     400       464       96.5 %     652       0.56      
Madison
  Birmingham   AL     1985       10 %     276       249       97.1 %     582       0.65      
CV at Rocky Ridge
  Birmingham   AL     1984       15 %     226       259       96.5 %     677       0.59      
CG at Mountain Brook
  Birmingham   AL     1987/1991       15 %     392       393       98.5 %     713       0.71      
CG at Liberty Park
  Birmingham   AL     2000       100 %     300       339       98.3 %     970       0.86     S
CV at Trussville
  Birmingham   AL     1996       100 %     376       410       96.5 %     690       0.63     S
CV at Inverness
  Birmingham   AL     1986/1987/1990/1997       100 %     586       508       98.3 %     602       0.69     S
 
Total
      9   17.4 Years               3,315       3,401       97.7 %     711       0.71      
 
Same Store
      3   12.7 Years               1,262       1,257       97.8 %     716       0.72      
 
 
                                                                   
CG at Cypress Cove
  Charleston   SC     2001       100 %     264       304       98.5 %     887       0.77     S
CV at Westchase
  Charleston   SC     1985       100 %     352       258       97.2 %     652       0.89     S
CV at Hampton Pointe
  Charleston   SC     1986       100 %     304       315       95.7 %     770       0.74     S
CG at Quarterdeck
  Charleston   SC     1987       100 %     230       219       94.8 %     887       0.93     S
CV at Waters Edge
  Charleston   SC     1985       100 %     204       188       95.6 %     711       0.77     S
CV at Windsor Place
  Charleston   SC     1985       100 %     224       213       92.9 %     711       0.75     S
 
Total
      6   19.8 Years               1,578       1,497       96.0 %     767       0.81      
 
Same Store
      6   19.8 Years               1,578       1,497       96.0 %     767       0.81      
 
 
                                                                   
CV at Matthews
  Charlotte   NC     1990       100 %     270       256       94.8 %     789       0.83      
CG at Mallard Creek
  Charlotte   NC     2004       100 %     252       233       98.8 %     788       0.85     S
CG at Beverly Crest
  Charlotte   NC     1996       100 %     300       279       96.0 %     752       0.81     S
CG at Mallard Lake
  Charlotte   NC     1998       100 %     302       301       93.4 %     769       0.77     S
CV at Chancellor Park
  Charlotte   NC     1996       100 %     340       327       92.6 %     720       0.75     S
CG at Huntersville
  Charlotte   NC     2008       100 %     250       248       95.2 %     852       0.86      
CG at University Center
  Charlotte   NC     2006       100 %     156       167       90.4 %     761       0.71     S
CV at Meadow Creek
  Charlotte   NC     1984       100 %     250       230       94.0 %     630       0.68     S
Heatherwood
  Charlotte   NC     1980       100 %     476       439       90.5 %     616       0.67     S
CV at Charleston Place
  Charlotte   NC     1986       100 %     214       172       89.7 %     591       0.73     S
CV at Stone Point
  Charlotte   NC     1986       100 %     192       173       93.2 %     679       0.75     S
CV at Greystone
  Charlotte   NC     1998/2000       100 %     408       387       94.9 %     635       0.67      
CG at Legacy Park
  Charlotte   NC     2001       100 %     288       301       93.8 %     760       0.73     S
CV at Timber Crest
  Charlotte   NC     2000       100 %     282       273       93.6 %     681       0.70     S
CV at South Tryon
  Charlotte   NC     2002       100 %     216       236       92.6 %     721       0.66     S
 
Total
      15   12.3 Years               4,196       4,021       93.6 %     710       0.74      
 
Same Store
      12   13.1 Years               3,268       3,130       93.2 %     702       0.73      
 
 
CV at Oakbend
  Dallas   TX     1996       100 %     426       383       96.7 %     741       0.83     S
Brookfield
  Dallas   TX     1984       100 %     232       166       94.4 %     559       0.78     S
Paces Cove
  Dallas   TX     1982       100 %     328       220       94.5 %     500       0.75     S
Remington Hills
  Dallas   TX     1984       100 %     362       347       95.9 %     773       0.81     S
CV at Main Park
  Dallas   TX     1984       100 %     192       180       95.8 %     757       0.81     S
Summer Tree
  Dallas   TX     1980       100 %     232       136       97.0 %     513       0.87     S
CV at Vista Ridge
  Dallas   TX     1985       100 %     300       237       99.3 %     605       0.76     S
CG at Valley Ranch
  Dallas   TX     1997       100 %     396       462       96.5 %     1,042       0.89     S
 
Total
      8   21.5 Years               2,468       2,131       96.3 %     708       0.82      
 
Same Store
      8   21.5 Years               2,468       2,131       96.3 %     708       0.82      
 
         
2Q08   -29-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Multifamily Community Table
As of June 30, 2008
Appendix
                                                                     
                        Apartment   Square   Occupancy       Market Rental Rates
Property   MSA   State   Year Built / Avg Age   % Own   Homes   Feet(000s)   Rate   Per Home   Per SF   S-P
Belterra
  Fort Worth   TX     2006       10 %     288       278       95.5 %     883       0.92      
CG at Bear Creek
  Fort Worth   TX     1998       100 %     436       395       96.3 %     863       0.95     S
CV at Willow Creek
  Fort Worth   TX     1996       100 %     478       427       94.4 %     797       0.89     S
CV at Shoal Creek
  Fort Worth   TX     1996       100 %     408       382       97.3 %     791       0.85     S
CV at Grapevine
  Fort Worth   TX     1985       100 %     450       387       97.3 %     707       0.82     S
CV at North Arlington
  Fort Worth   TX     1985       100 %     240       191       96.3 %     614       0.77     S
 
Total
      6   13.7 Years               2,300       2,060       96.3 %     770       0.87      
 
Same Store
      5   16.0 Years               2,012       1,781       96.3 %     768       0.87      
 
 
                                                                   
CG at Edgewater I
  Huntsville   AL     1990/1999       100 %     500       543       97.4 %     722       0.66     S
CG at Madison
  Huntsville   AL     2000       100 %     336       355       96.7 %     816       0.77     S
 
Total
      2   10.8 Years               836       897       97.1 %     760       0.71      
 
Same Store
      2   10.8 Years               836       897       97.1 %     760       0.71      
 
 
                                                                   
CG at Heather Glen
  Orlando   FL     2000       100 %     448       523       99.1 %     967       0.83     S
CG at Town Park(Lake Mary)
  Orlando   FL     2002       100 %     456       535       96.1 %     1,019       0.87     S
CV at Twin Lakes
  Orlando   FL     2004       100 %     460       418       96.3 %     872       0.96     S
CG at Town Park Reserve
  Orlando   FL     2004       100 %     80       77       97.5 %     1,162       1.20     S
CG at Heathrow
  Orlando   FL     1997       100 %     312       353       96.8 %     982       0.87     S
CG at Hunter’s Creek
  Orlando   FL     1997       100 %     496       624       97.2 %     988       0.78     S
 
Total
      6   7.3 Years               2,252       2,531       97.1 %     972       0.86      
 
Same Store
      6   7.3 Years               2,252       2,531       97.1 %     972       0.86      
 
 
CG at Scottsdale
  Phoenix   AZ     1999       100 %     180       202       96.1 %     1,106       0.99     S
CG at OldTown Scottsdale South
  Phoenix   AZ     1994       100 %     264       265       97.0 %     920       0.92      
CG at OldTown Scottsdale North
  Phoenix   AZ     1995       100 %     208       206       95.7 %     889       0.90      
CG at Inverness Commons
  Phoenix   AZ     2002       100 %     300       306       96.3 %     803       0.79      
 
Total
      4   10.5 Years               952       978       96.3 %     912       0.89      
 
Same Store
      1   9.0 Years               180       202       96.1 %     1,106       0.99      
 
 
                                                                   
CV at Cary
  Raleigh   NC     1995       20 %     319       400       95.3 %     868       0.69      
CG at Research Park (Durham)
  Raleigh   NC     2002       20 %     370       375       94.6 %     769       0.75      
CG at Arringdon
  Raleigh   NC     2003       100 %     320       311       97.8 %     781       0.80     S
CG at Patterson Place
  Raleigh   NC     1997       100 %     252       237       96.8 %     809       0.86     S
CG at Crabtree Valley
  Raleigh   NC     1997       100 %     210       210       93.3 %     752       0.75     S
CV at Highland Hills
  Raleigh   NC     1987       100 %     250       263       94.0 %     698       0.66      
Parkside at Woodlake
  Raleigh   NC     1996       100 %     266       255       95.5 %     681       0.71     S
CV at Deerfield
  Raleigh   NC     1985       100 %     204       198       94.6 %     726       0.75     S
CG at Trinity Commons
  Raleigh   NC     2000/2002       100 %     462       484       95.9 %     786       0.75     S
 
Total
      9   12.1 Years               2,653       2,733       95.6 %     757       0.75      
 
Same Store
      6   11.5 Years               1,714       1,695       95.9 %     761       0.77      
 
 
                                                                   
Ashley Park
  Richmond   VA     1988       100 %     272       194       94.1 %     717       1.00     S
CR at West Franklin
  Richmond   VA     1964/1965       100 %     331       169       96.1 %     772       1.50     S
CV at Hampton Glen
  Richmond   VA     1986       100 %     232       178       98.7 %     875       1.14     S
CV at West End
  Richmond   VA     1987       100 %     224       156       98.7 %     803       1.15     S
CV at Chase Gayton
  Richmond   VA     1984       100 %     328       311       97.6 %     832       0.88     S
CV at Waterford
  Richmond   VA     1989       100 %     312       289       95.2 %     855       0.92     S
 
Total
      6   24.9 Years               1,699       1,298       96.6 %     808       1.06      
 
Same Store
      6   24.9 Years               1,699       1,298       96.6 %     808       1.06      
 
 
                                                                   
CG at Godley Station I
  Savannah   GA     2005       100 %     312       337       94.2 %     851       0.79      
CV at Greentree
  Savannah   GA     1984       100 %     194       165       95.9 %     704       0.83     S
CG at Hammocks
  Savannah   GA     1997       100 %     308       324       93.8 %     926       0.88     S
CV at Huntington
  Savannah   GA     1986       100 %     147       121       95.9 %     709       0.86     S
CV at Marsh Cove
  Savannah   GA     1983       100 %     188       197       96.3 %     774       0.74     S
 
Total
      5   17.0 Years               1,149       1,145       95.0 %     816       0.82      
 
Same Store
      4   20.5 Years               837       807       95.2 %     802       0.83      
 
 
                                                                   
TOTAL PROPERTIES IN MAJOR MARKETS
      95   14.2 Years               29,564       29,182       96.0 %   $ 787     $ 0.80      
 
Same Store
      75   15.0 Years               23,298       22,744       96.1 %   $ 787     $ 0.81      
 
 
                                                                   
PROPERTIES IN OTHER MARKETS
                                                                   
 
                                                                   
Autumn Hill
  Charlottesville   VA     1970       100 %     425       370       93.9 %   $ 735     $ 0.84     S
Autumn Park I & II
  Greensboro   NC     2001/2004       100 %     402       404       93.8 %     766       0.76     S
CG at Bellevue
  Nashville   TN     1996       100 %     349       345       97.1 %     873       0.88     S
CG at Seven Oaks
  Tampa   FL     2004       100 %     318       302       95.9 %     892       0.94     S
CG at Wilmington
  Wilmington   NC     1998/2002       100 %     390       356       93.8 %     736       0.81     S
CG at Brentwood
  Nashville   TN     1995       25 %     254       287       99.6 %     971       0.87      
CG at Palma Sola
  Sarasota   FL     1992       25 %     340       293       96.5 %     780       0.90      
CG at Lakewood Ranch
  Sarasota   FL     1999       100 %     288       302       99.3 %     980       0.94     S
CV at Greenbrier
  Washington DC   VA     1980       100 %     258       217       95.3 %     909       1.08     S
CV at Pinnacle Ridge
  Asheville   NC     1948/1985       100 %     166       147       98.8 %     687       0.78     S
CV at Huntleigh Woods
  Mobile   AL     1978       100 %     233       199       97.0 %     568       0.67     S
CV at Ashford Place
  Mobile   AL     1983       100 %     168       146       100.0 %     639       0.74     S
CV at Tradewinds
  Norfolk   VA     1988       100 %     284       280       96.8 %     825       0.84     S
CV at Mill Creek
  Winston-Salem   NC     1984       100 %     220       210       91.4 %     601       0.63     S
CV at Harbour Club
  Norfolk   VA     1988       100 %     213       193       96.2 %     857       0.94     S
Glen Eagles I & II
  Winston-Salem   NC     1990/2000       100 %     310       312       91.9 %     661       0.66     S
Portofino at Jensen Beach
  Port St. Lucie   FL     2002       100 %     118       137       96.6 %     837       0.72      
Murano at Delray Beach
  West Palm Beach   FL     2002       100 %     93       112       95.7 %     1,145       0.95      
 
 
TOTAL PROPERTIES IN OTHER MARKETS
      18   17.7 Years               4,829       4,610       95.6 %   $ 788     $ 0.83      
 
Same Store
      14   20.6 Years               4,024       3,781       95.5 %   $ 775     $ 0.83      
 
         
2Q08   -30-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Multifamily Community Table
As of June 30, 2008
Appendix
                                                                     
                        Apartment   Square   Occupancy       Market Rental Rates
Property   MSA   State   Year Built / Avg Age   % Own   Homes   Feet(000s)   Rate   Per Home   Per SF   S-P
 
                                                                   
THIRD-PARTY MANAGED BUSINESS
                                                                   
Hawthorne Groves
  Orlando   FL     2002       0 %     328       363       96.6 %                    
Hawthorne Village
  Daytona Beach   FL     2006       0 %     378       414       96.8 %                    
Monte D’oro
  Birmingham   AL     1977       0 %     200       296       98.0 %                    
PH Coursey Place
  Baton Rouge   LA     2003       0 %     352       352       96.3 %                    
 
                                                                   
 
TOTAL MANAGED
      4   11.0 Years               1,258       1,424       96.8 %                    
 
 
                                                                   
LEASE UP PROPERTIES
                                                                   
CG at Ayrsley
  Charlotte   NC     2008       100 %     368       372       LU     942       0.93      
CV at Cypress Village
  Gulf Shores   AL     2008       100 %     96       206     LU     1,439       0.67      
Enclave
  Charlotte   NC     2008       100 %     85       109     LU     1,917       1.49      
CG at Traditions
  Gulf Shores   AL     2007       35 %     324       322     LU     917       0.92      
CG at Onion Creek
  Austin   TX     2008       100 %     300       313     LU     759       0.73      
CV at Godley Lake
  Savannah   GA     2008       100 %     288       270     LU     975       1.04      
 
                                                                   
 
TOTAL LEASE UP
      6   0.2 Years               1,461       1,591       40.4 %   $ 1,008     $ 0.91      
 
 
                                                                   
TOTAL ALL PROPERTIES
      123   13.9 Years               37,112       36,807       95.9 %   $ 787     $ 0.81      
 
Same Store
      89   15.1 Years               27,322       26,525       96.0 %   $ 785     $ 0.81      
 
 
Notes:
 
CG =    Colonial Grand Apartments and CR = Colonial Reserve, Class A; CV = Colonial Village Apartments, Class B
 
LU =    Properties in lease-up are not included in Occupancy Rate and Rental Rate totals and subtotals.
 
S =    Current year same-property portfolio: property has been in service for a full calendar year. Partially-owned properties are not included.
         
2Q08   -31-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Office Property Table
As of June 30, 2008
Appendix
                                                 
                                        Base Rent    
            Year   %           Occupancy   Per    
Property   MSA   State   Built   Own   SF — 000s   Rate   Sq. Foot (1)   S-P
 
                                               
CONSOLIDATED PROPERTIES
                                               
CC Brookwood Village
  Birmingham   AL   2007     100 %     169       99.3 %   $ 20.81      
Town Park 400
  Orlando   FL   2008     100 %     176     LU       25.17      
 
Total Consolidated
  2                     345       99.3 %   $ 20.81      
 
 
                                               
UNCONSOLIDATED PROPERTIES
                                               
 
                                               
DRA/CRT Joint Venture
                                               
Atlanta Chamblee
  Atlanta   GA   2000     15 %     1,138       91.1 %   $ 19.58      
Atlanta Perimeter
  Atlanta   GA   1985     15 %     182       87.8 %     19.42      
Atlantic Center Plaza
  Atlanta   GA   2001     15 %     500       91.8 %     30.66      
Baymeadows Way
  Jacksonville   FL   1989/90/98     15 %     224       100.0 %     10.48      
Broward Financial Center
  Ft.Lauderdale   FL   1986     15 %     325       78.0 %     28.74      
Charlotte University
  Charlotte   NC   1999     15 %     183       87.2 %     19.36      
Germantown Center
  Memphis   TN   1999     15 %     534       89.7 %     18.83      
Jacksonville Baymeadows
  Jacksonville   FL   1999     15 %     752       85.2 %     13.50      
Jacksonville JTB
  Jacksonville   FL   2001     15 %     417       100.0 %     13.45      
McGinnis Park
  Atlanta   GA   2001     15 %     201       76.2 %     18.98      
Orlando Central
  Orlando   FL   1980     15 %     619       80.3 %     18.58      
Orlando Lake Mary
  Orlando   FL   1999     15 %     305       81.4 %     18.13      
Orlando University
  Orlando   FL   2001     15 %     386       89.4 %     19.21      
Post Oak
  Houston   TX   1982     15 %     1,197       95.3 %     20.32      
Ravinia 3
  Atlanta   GA   1991     15 %     808       95.2 %     18.76      
Signature Place
  Dallas   TX   1983/86     15 %     437       80.8 %     18.29      
Westchase
  Houston   TX   2000     15 %     184       92.8 %     23.25      
 
Totals
  17                     8,393       89.5 %     19.25      
 
Totals (Weighted)
                        1,259       89.5 %     19.25      
 
 
                                               
DRA/CLP Joint Venture
                                               
901 Maitland
  Orlando   FL   1985     15 %     156       72.3 %     20.31      
Colonial Center at TownPark
  Orlando   FL   2001     15 %     658       98.9 %     21.41      
Colonial Center at Bayside
  Tampa   FL   1988-94/97     15 %     213       74.5 %     19.79      
Colonal Center at Colonnade
  Birmingham   AL   1989/99     15 %     419       98.0 %     21.75      
Colonial Center Blue Lake
  Birmingham   AL   1982-2005     15 %     167       99.8 %     20.06      
Colonial Center Heathrow
  Orlando   FL   1988/96/97/98/99/2000/2001     15 %     922       87.1 %     19.67      
Colonial Place I and II
  Tampa   FL   1984/86     15 %     372       88.5 %     24.42      
Colonial Plaza
  Birmingham   AL   1982-99     15 %     171       89.1 %     17.77      
Colonial TownPark Office — Lifestyle
  Orlando   FL   2004     15 %     38       95.7 %     26.34      
Concourse Center
  Tampa   FL   1982-2005/1983-2003/1984     15 %     294       89.1 %     21.00      
Esplanade
  Charlotte   NC   1981-2007     15 %     203       85.9 %     18.38      
Independence Plaza
  Birmingham   AL   1979-2000     15 %     106       97.8 %     19.35      
International Park
  Birmingham   AL   1987/99     15 %     211       95.1 %     19.58      
The Peachtree
  Atlanta   GA   1989     15 %     317       92.9 %     24.73      
Research Park Plaza III and IV
  Austin   TX   2001     15 %     358       100.0 %     22.20      
Riverchase Center
  Birmingham   AL   1985     15 %     306       96.5 %     10.27      
 
Totals
  16                     4,910       91.8 %     20.41      
 
Totals (Weighted)
                        737       91.8 %     20.41      
 
 
                                               
Huntsville TIC Joint Venture
                                               
Colonial Center Lakeside
  Huntsville   AL   1989/90     14 %     122       100.0 %     17.47      
Colonial Center Research Park
  Huntsville   AL   1999     14 %     134       100.0 %     18.26      
Colonial Center Research Place
  Huntsville   AL   1979/84/88     14 %     273       76.6 %     12.65      
DRS Building
  Huntsville   AL   1972/86/90/03     14 %     215       100.0 %     8.48      
Northrop Grumman Building
  Huntsville   AL   2007     14 %     110       100.0 %     13.76      
Perimeter Corporate Park
  Huntsville   AL   1986/89     14 %     235       85.4 %     17.87      
Progress Center
  Huntsville   AL   1987/89     14 %     222       89.1 %     12.69      
Regions Bank Center
  Huntsville   AL   1990     14 %     155       97.6 %     18.39      
Research Park Office Center
  Huntsville   AL   1998/99     14 %     236       85.5 %     11.88      
 
Totals
  9                     1,702       90.6 %     14.20      
 
Totals (Weighted)
                        231       90.6 %     14.20      
 
         
2Q08   -32-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Office Property Table
As of June 30, 2008
Appendix
                                                 
                                        Base Rent    
            Year   %           Occupancy   Per    
Property   MSA   State   Built   Own   SF — 000s   Rate   Sq. Foot (1)   S-P
Colonial Center Mansell Joint Venture
                                               
Colonial Center Mansell Overlook
  Atlanta   GA   1987/96/97/00     15 %     653       94.9 %     21.46      
Lakeside & Shoppes at Mansell
  Atlanta   GA   1996-2005     15 %     36       92.7 %     26.31      
 
Totals
  2                     689       94.0 %     21.68      
 
Totals (Weighted)
                        103       94.0 %     21.68      
 
 
                                               
Land Title Building
  Birmingham   AL   1975     33 %     30       100.0 %     13.65      
 
Total Unconsolidated
  45                     15,724       90.6 %   $ 18.75      
 
Total Unconsolidated (Weighted)
                        2,340       90.6 %   $ 18.75      
 
 
                                               
THIRD-PARTY MANAGED BUSINESS
                                               
International Park 2000
  Birmingham   AL         0 %     130                      
Colonial Center Heathrow 500
  Orlando   FL         0 %     76                      
Decoverly Center
  Rockville   MD         0 %     156                      
 
                                               
 
TOTAL MANAGED
  3                     362                      
 
 
                                               
TOTAL ALL PROPERTIES
  50                     16,431       91.1 %   $ 18.89      
 
 
Notes:
 
LU =    Properties in lease up; these properties are not included in occupancies for Subtotals or Totals categories.
 
S =    Current year same-property portfolio: property has been in service for a full calendar year. Partially-owned properties are not included.
 
(1)   Base rent per square foot amounts are calculated on a straight-line basis in accordance with GAAP.
         
2Q08   -33-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Retail Property Table
As of June 30, 2008
Appendix
                                                                 
                        Square Feet (000s)           Base Rent    
                                Anchor   CLP   Occupancy   per Sq.    
Property   MSA   State   Year Built   % Own   Total   Owned   Owned   Rate   Foot (1)   S-P
 
                                                               
CONSOLIDATED PROPERTIES
                                                               
 
                                                               
Brookwood Village
  Birmingham   AL   1973/91/00     100 %     604       232       372       94.9 %   $ 18.71     S
Brookwood Convenience Center
  Birmingham   AL   1974     100 %     7             7       100.0 %     17.74      
CP Winter Haven
  Orlando   FL   1986     100 %     159             159       89.9 %     7.79     S
CP Fultondale
  Birmingham   AL   2007     100 %     261       127       134       95.3 %     14.04      
 
Total Consolidated
      4                 1,031       359       672       93.9 %   $ 15.24      
 
 
                                                               
UNCONSOLIDATED PROPERTIES
                                                               
 
                                                               
OZRE Joint Venture
                                                               
CP Alabaster
  Birmingham   AL   2005     17 %     538       319       219       95.4 %   $ 15.54      
CP Beechwood
  Athens   GA   1963/92/05     17 %     350             350       100.0 %     11.05      
CP Burnt Store
  Punta Gorda   FL   1990     17 %     95             95       93.2 %     10.29      
CP Hunter’s Creek
  Orlando   FL   1993/95     17 %     228             228       47.9 %     14.20      
CP Lakewood
  Jacksonville   FL   1995     17 %     195             195       90.2 %     11.79      
CP Northdale
  Tampa   FL   1988/2000     17 %     231       55       176       95.4 %     10.72      
CP Trussville
  Birmingham   AL   2000     17 %     388             388       99.3 %     8.74      
CP Trussville II
  Birmingham   AL   2004     17 %     283       225       58       95.2 %     16.19      
CS Clay
  Birmingham   AL   1982/2004     17 %     66             66       89.9 %     12.45      
Kingwood Commons
  Houston   TX   2003/2004     17 %     164             164       83.7 %     17.71      
CP at Portofino
  Houston   TX   2000     17 %     372             372       88.3 %     15.62      
 
Totals
      11                 2,910       599       2,312       89.4 %     12.59      
 
Totals (Weighted)
      11                                 395       89.4 %     12.59      
 
 
                                                               
DRA/CLP Joint Venture
                                                               
CP TownPark
  Orlando   FL   2005     15 %     198             198       92.5 %     15.00      
Colonial Shops Colonnade
  Birmingham   AL   1989/2005     15 %     126             126       88.4 %     16.12      
 
Totals
      2                 324             324       90.9 %     15.43      
 
Totals (Weighted)
      2                                 49       90.9 %     15.43      
 
 
                                                               
Parkway Place
  Huntsville   AL   1999     45 %     636       348       288       84.4 %     29.27      
CP Hoover
  Birmingham   AL   2002     10 %     381       216       165       95.9 %     12.37      
CP Madison
  Huntsville   AL   2000     25 %     111             111       100.0 %     10.68      
Craft Farms
  Gulf Shores   AL   2007     15 %     345       125       220     LU     LU      
CP Alabaster II
  Birmingham   AL   2007     5 %     355       226       129       98.6 %     16.53      
CP Tutwiler II
  Birmingham   AL   2008     5 %     65             65       100.0 %     13.84      
CP Smyrna
  Smyrna   TN   2008     50 %     368       268       101     LU     LU      
CP Turkey Creek
  Knoxville   TN   2005     50 %     486             486       97.4 %     19.81      
 
Totals
      8                 2,746       1,182       1,563       94.7 %     18.70      
 
Totals (Weighted)
      8                                 593       93.6 %     21.04      
 
 
                                                               
 
Total Unconsolidated
      21                 5,980       1,781       4,199       91.2 %     14.74      
 
Total Unconsolidated (Weighted)
      21                             1,037       91.6 %     16.68      
 
 
                                                               
THIRD-PARTY MANAGED BUSINESS
                                                               
Calico Corner
  Birmingham   AL         0 %     6                                      
Hoover Commons
  Birmingham   AL         0 %     197                                      
Bear Lake
  Orlando   FL         0 %     131                                      
CP Boulevard Square
  Pembroke Pines   FL         0 %     221                                      
CP Deerfield
  Deerfield Beach   FL         0 %     379                                      
CS College Parkway
  Ft. Myers   FL         0 %     79                                      
CS Pines Plaza
  Pembroke Pines   FL         0 %     68                                      
 
TOTAL MANAGED
      7                 1,080                                      
 
 
                                                               
Total Retail Properties
      32                 8,091       2,140       4,871       91.6 %   $ 14.82      
 
Total Retail Properties (Weighted)
      32                                 1,709       92.7 %   $ 16.02      
 
 
Notes:
 
LU =    Properties in lease up; these properties are not included in occupancies for Subtotals or Totals categories.
 
S =    Current year same-property portfolio: property has been in service for a full calendar year. Partially-owned properties are not included.
 
(1)   Base rent per square foot amounts are calculated on a straight-line basis in accordance with GAAP.
         
2Q08   -34-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Additional Corporate Data
As of June 30, 2008
($ in 000s)
UNCONSOLIDATED JOINT VENTURE SUMMARY
                                         
    Units/     CLP %     Occupancy              
Property   SF-000s     Own     Rate     Sec’d Debt     Equity Invest  
 
                                       
CMS Joint Venture I
                                       
Colonial Grand at Mountain Brook
    392       15 %     98.5 %   $ 2,955     $ 418  
 
                                       
CMS Joint Venture II
                                       
Colonial Village at Rocky Ridge
    226       15 %     96.5 %     1,669       (427 )
 
                                       
CMS Joint Venture III
                                       
Colonial Village at Palma Sola
    340       25 %     96.5 %     5,825       (448 )
 
                                       
CMS Joint Venture IV
                                       
Colonial Grand at Brentwood
    254       25 %     99.6 %     4,805       239  
 
                                       
CMS Joint Venture V
                                       
Colonial Grand at Canyon Creek
    336       25 %     95.5 %     6,852       771  
 
                                       
DRA
                                       
Colony Woods
    414       10 %     98.3 %                
Meadows of Brook Highland
    400       10 %     96.5 %                
Madison at Shoal Run
    276       10 %     97.1 %                
 
                                 
 
    1,090                       4,034       2,248  
 
                                       
DRA
                                       
The Grove at Riverchase
    345       20 %     96.8 %     3,850       1,389  
Cunningham
    280       20 %     96.8 %     2,800       930  
Colonial Village at Cary
    319       20 %     95.3 %     4,320       1,773  
 
                                 
 
    944                       10,970       4,092  
 
                                       
Other
                                       
Colonial Grand at Research Park
    370       20 %     94.6 %     4,614       1,117  
Colonial Grand at Huntcliff
    358       20 %     97.2 %     5,200       2,010  
Regents Park (1)
    23       40 %                 5,150  
Colonial Grand at Traditions
    324       35 %   LU     10,392       1,543  
Belterra
    288       10 %     95.5 %     2,000       669  
Stone Ridge (2)
    191       10 %           520       454  
Colonial Grand at McKinney (Development)
    541       25 %                 1,274  
 
                                 
 
    2,095                       22,726       12,217  
 
                                       
Total Multifamily
    5,677                       59,836       19,110  
 
                                 
 
                                       
Land Title Building
    30       33 %     100.0 %     356       103  
Colonial Center Mansell JV
    689       15 %     94.0 %     13,903       1,049  
DRA/CRT (3)
    8,393       15 %     89.5 %     145,217       19,445  
DRA/CLP (4)
    5,235       15 %     91.8 %     111,286       (9,038 )
Huntsville TIC
    1,702       14 %     90.6 %     14,198       (3,587 )
 
                                 
 
                                       
Total Office
    16,049                       284,960       7,972  
 
                                 
 
                                       
OZRE (5)
    2,911       17 %     89.4 %     50,137       (7,094 )
 
                                       
Other
                                       
Parkway Place
    636       45 %     80.1 %     26,272       10,218  
Colonial Promenade Madison
    111       25 %     100.0 %           2,234  
Colonial Promenade Hoover
    381       10 %     95.9 %     1,650       64  
Colonial Promenade Smyrna (Development)
    351       50 %   LU     15,329       2,148  
Craft Farms
    345       15 %   LU     6,450       990  
Colonial Pinnacle at Turkey Creek
    486       50 %     97.4 %     32,500       5,421  
Colonial Pinnacle at Turkey Creek III (Development)
    167       50 %                 6,431  
Colonial Promenade Alabaster II/Tutwiler II
    193       5 %     99.3 %     2,000       (134 )
 
                                 
 
    2,670                       84,201       27,372  
 
                                       
Total Retail
    5,581 (6)                     134,338       20,278  
 
                                 
 
                                       
Other Unconsolidated Investments
                            97       1,843  
 
                                   
Total Investments in Unconsolidated Subsidiaries
                          $ 479,231     $ 49,203  
 
                                   
 
Notes:
 
LU =    Properties in lease up.
 
(1)   The Company has a first mortgage on this property of $28.1 million as of June 30, 2008.
 
(2)   The Company sold its 10% interest in Stone Ridge on June 16, 2008.
 
(3)   As of June 30, 2008, this joint venture included 17 properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas.
 
(4)   As of June 30, 2008, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
 
(5)   As of June 30, 2008, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas.
 
(6)   Includes anchor-owned square footage.
         
2Q08   -35-   NYSE: CLP

 


 

COLONIAL PROPERTIES TRUST
Glossary of Terms
     
AVERAGE RENT PER SQUARE FOOT (UNIT):
  Base rental revenue charged to tenants divided by occupied square feet for retail and office properties. Average of monthly rent charged for occupied and rent asked for unoccupied units at month end for multifamily properties. Rental revenue used is on an annual basis for retail and office properties and on a monthly basis for multifamily properties.
 
   
CAPITALIZED LEASING COMMISSIONS:
  Commissions paid for obtaining a lease which have been capitalized and are to be amortized over the lease term.
 
   
CONCESSIONS:
  Relief or reduction of rent charges for a specified period, negotiated as a part of entering into a lease agreement.
 
   
DIVIDEND PER SHARE:
  The dividends/distributions paid to each shareholder of Colonial Properties Trust and to each partner of Colonial Realty Limited Partnership as of a specific date.
 
   
EBITDA:
  Earnings before interest, taxes, depreciation and amortization excluding the effects of gains (losses) from sales of property.
 
   
FFO PER SHARE:
  FFO divided by the weighted average shares outstanding during the period, assuming the conversion of minority interest limited partnership units in Colonial Realty Limited Partnership into the Company’s Common Shares.
 
   
FUNDS FROM OPERATIONS (FFO):
  Calculated per the NAREIT White Paper. Net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from debt restructuring and sales of property, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis.
 
   
LEASING EXECUTION:
  Information related to lease agreements entered into during the period including square footage leased, rental dollars (specifically defined below), concessions, tenant improvements, and capitalized leasing commissions.
 
   
OCCUPANCY RATE:
  Total square feet (units) rented divided by net rentable square feet (units) on the date indicated.
 
   
OPERATING EXPENSES:
  Total operating expenses (as reported by the Company to the SEC in its periodic filings) less depreciation and amortization. This amount does not include other income and expenses such as interest and gains or losses on sales of assets.
 
   
PERCENT GROWTH:
  Percentage increase of an item when compared to the same item from the same quarter in the prior-year.
 
   
PROPERTY OR DIVISIONAL NET OPERATING INCOME:
  Property revenues less property operating expenses.
 
   
RENTAL DOLLARS (LEASING EXECUTION):
  Total annual revenues to be earned the first year from renewed or re-leased space.
 
   
SAME PROPERTY:
  Properties owned in the current year which were also owned for the 12 calendar months of the prior year; same-property may be restated during the year to account for any disposition activity.
 
   
STOCK PRICE PER SHARE:
  The closing price reported by the New York Stock Exchange on the date indicated.
 
   
TENANT IMPROVEMENTS (TI):
  A capital expense used to improve the physical space occupied by a new or new (re-leasing) tenant. Tenant improvements are amortized over the term of the lease or the life of the asset, whichever is longer.
 
   
TOTAL MARKET CAPITALIZATION:
  The sum of total notes and mortgages payable plus the total market value of all shares and units outstanding at the market price per share on the date indicated.
         
2Q08   -34-   NYSE: CLP