EX-99.2 3 g10072exv99w2.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 Nine Month Income Summary     15  
 
  Operational Statistics     17  
5.
  For-Sale Residential Activities     18  
6.
  Consolidated Data        
 
  Development Pipeline     19  
 
  Significant Property Acquisitions and Dispositions     20  
 
  Debt Summary/Coverage Ratios/Covenants/Market Capitalization     21  
 
  Supplemental Data / Investment Activities     23  
7.
  Corporate Reconciliations        
 
  Revenues / Expenses / NOI     24  
 
  NOI from Discontinued Operations/EBITDA     26  
 
  SEC Coverage Ratios     27  
8.
  Appendix        
 
  Multifamily Community Table     28  
 
  Office Property Table     31  
 
  Retail Property Table     33  
 
  Unconsolidated Joint Venture Summary     34  
9.
  Glossary of Terms     35  
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; our ability to successfully close previously announced transactions; 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 Reports on Form 10-Q for the quarters ended March 31 and June 30, 2007 and the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, which discuss these and other factors that could adversely affect the Company’s results.

-2-


 

(LETTER HEAD)
COLONIAL PROPERTIES TRUST
 
Colonial Properties Trust (NYSE:CLP) is a multifamily focused real estate investment trust (REIT) with diversified management and development capabilities 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. Our history of managing and developing both multifamily and commercial assets makes Colonial Properties ideally suited for the country’s hottest trend: mixed-use.
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 focused portfolio
- Managing multifamily, office, retail and mixed-use properties
- Investing in high growth Sunbelt cities
- Achieving operating excellence
- Emphasizing mixed-use development
- Pursuing strategic acquisition, disposition and development opportunities
- Delivering additional income from the taxable REIT subsidiary (TRS)
- Ensuring a strong balance sheet
  (LOGO)
     
CONTACT INFORMATION
   
 
Headquarters
  Investor Relations
  Colonial Properties Trust
    Jerry Brewer
  2101 Sixth Avenue North, Suite 750
    Senior Vice President
  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
  The Company’s Transfer Agent manages all activities for
P.O. Box 43010
  registered shareholders including basic account updates,
Providence, RI 02940-3010
  initial share purchases, dividend reinvestments, share
Investor Relations: 800-730-6001
  transfers and sales as well as optional cash investments.
www.computershare.com
   
         
EQUITY RESEARCH COVERAGE
 
Bank of America
  Dustin Pizzo   212-847-5771
Bear Stearns
  Ross Smotrich / Amy Young   212-272-8046 / 212-272-3523
BMO Capital Markets
  Rich Anderson   212-885-4180
Cantor Fitzgerald
  Philip Martin   312-469-7485
Citigroup Smith Barney
  Jon Litt / Craig Melcher   212-816-0231 / 212-816-1909
Green Street Advisors
  Craig Leupold   949-640-8780
Keefe, Bruyette & Woods
  Steve Swett   212-887-3680
Merrill Lynch
  Bill Acheson / David Bragg   212-449-1920 / 212-449-8922
Morgan Keegan
  Napoleon Overton / Troy Garner   901-579-4865 / 901-531-3397
Standard & Poor’s Research
  Raymond Mathis   212-438-9558
Stifel Nicolaus
  Rod Petrick   410-454-4131
UBS
  Alex Goldfarb   212-713-8602
GUIDANCE
 
                                   
    FYE 2007 Range (1)       FYE 2008 Range  
Diluted Earnings per Share
  $ 7.63     $ 7.88       $ 1.15     $ 1.45  
Plus: Real Estate Depreciation & Amortization
    2.75       2.75         1.85       1.85  
Less: Gain on Sale of Assets
    (8.65 )     (8.85 )       (0.85 )     (1.05 )
 
                         
Diluted Funds from Operations per Share
  $ 1.73     $ 1.78       $ 2.15     $ 2.25  
 
                         
 
(1)   Includes transaction related and other charges of $0.32 EPS and FFOPS reflected in the second quarter, a non-cash impairment charge of $0.47 EPS and FFOPS related to the Company’s for-sale residential business reflected in the third quarter and an anticipated $0.03 to be recorded in the fourth quarter related to the termination of the Company’s defined benefit pension plan.

-3-


 

COLONIAL PROPERTIES TRUST
Financial Highlights
Third Quarter 2007
FINANCIAL HIGHLIGHTS
                                 
($ in 000s, except per share and unit data)   Three Months Ended     Nine Months Ended  
    9/30/2007     9/30/2006     9/30/2007     9/30/2006  
 
                               
Total property revenues (1)
  $ 78,793     $ 131,623     $ 325,593     $ 399,350  
 
                               
Multifamily property revenues (1)
    73,249       76,323       222,945       222,213  
Multifamily property NOI (1)
    42,326       44,389       132,032       131,983  
 
                               
Management & leasing fee revenues
    5,490       4,891       14,044       13,523  
 
                               
EBITDA (2)
    56,292       91,954       217,402       288,300  
 
                               
Net income
                               
Per share — basic (3)
    0.03       0.32       7.33       1.07  
Per share — diluted (3)
    0.03       0.32       7.23       1.06  
 
                               
Funds from operations
                               
Per share — basic (3)
    0.03       0.79       1.16       2.49  
Per share — diluted (3)
    0.03       0.79       1.15       2.47  
 
                               
Dividends per share (4)
    0.68       0.68       2.04       2.04  
 
                               
Dividends/EPS (diluted) payout ratio
    N/A       212.5 %     28.2 %     192.5 %
Dividends/FFO (diluted) payout ratio
    N/A       86.1 %     177.4 %     82.6 %
 
                               
Consolidated interest expense (1)
  $ 17,843     $ 31,937     $ 72,326     $ 95,685  
Consolidated interest income (1)
    2,953       1,932       7,182       5,883  
 
                       
Net interest expensed (1)
    14,890       30,005       65,144       89,802  
 
                               
Pro-rata share of joint venture interest expense
    7,468       6,318       18,328       17,914  
 
                               
Principal amortization
    168       1,456       2,724       4,567  
Preferred dividends & distributions
    4,352       6,363       16,337       21,792  
 
                               
Interest coverage ratio
    2.2x       2.4x       2.4x       2.5x  
Fixed charge coverage ratio
    1.9x       2.0x       2.0x       2.1x  
Fixed charge w/capitalized interest ratio
    1.5x       1.8x       1.7x       1.9x  
 
                               
Multifamily same property NOI Increase (5)
    5.3 %     4.2 %     5.2 %     5.8 %
(# of apartment homes included)
    24,060       27,604       24,060       27,604  
                 
    As of     As of  
    9/30/2007     12/31/2006  
Total assets
  $ 3,250,335     $ 4,431,777  
Total debt
  $ 1,629,502     $ 2,397,906  
Common shares and units, outstanding end of period
    57,196       56,724  
Share price, end of period (6)
  $ 34.30     $ 46.88  
Preferred shares and units, end of period (7)
  $ 225,000     $ 329,760  
Book equity value, end of period (8)
  $ 1,480,190     $ 1,883,111  
Market equity value, end of period (8)
  $ 1,961,823     $ 2,659,221  
 
               
Debt to total market capitalization ratio (9)
    42.7 %     44.5 %
 
               
Unencumbered real estate assets (at cost) to unsecured debt ratio
    208.8 %     187.3 %
 
(1)   Represents consolidated properties including amounts classified in discontinued operations. For the GAAP reconciliation of revenues, expenses and NOI, see page 24 and 25.
 
(2)   For a reconciliation of EBITDA, see page 26.
 
(3)   The three months ended September 30, 2007 includes $0.47 EPS and FFO per diluted share, net of tax, of non-cash impairment charge related to the Company’s for-sale residential business. In addition to the charges incurred during the three months ended September 30, 2007, the nine months ended September 30, 2007 includes $0.32 EPS and FFO per diluted share of transaction related and other charges. See notes to FFO reconciliation on page 6.
 
(4)   Dividends paid during the nine months ended September 30, 2007 excludes special dividend of $10.75 per share.
 
(5)   Multifamily same-property communities are communities which were owned by the Company and stabilized as of January 1, 2006, as adjusted for dispositions during the year.
 
(6)   Stock price as of September 28, 2007 includes effect of special dividend of $10.75 per share, which was paid on June 27, 2007.
 
(7)   The Company redeemed all remaining outstanding Series E Preferred shares during the three months ended June 30, 2007.
 
(8)   Includes common and shares and units.
 
(9)   Excludes the Company’s pro-rata share of partially-owned unconsolidated debt.

-4-


 

COLONIAL PROPERTIES TRUST
Financial Statements
Third Quarter 2007
CONSOLIDATED STATEMENTS OF INCOME
                                 
($ in 000s, except per share data)   Three Months Ended     Nine Months Ended  
    9/30/2007     9/30/2006     9/30/2007     9/30/2006  
Revenue
                               
Minimum Rent
  $ 67,892     $ 93,858     $ 264,006     $ 279,229  
Tenant Recoveries
    1,026       5,391       10,672       16,950  
Other Property Related Revenue
    7,828       7,617       26,340       22,283  
Construction Revenues
    11,154       6,868       32,007       26,793  
Other Non-Property Related Revenue
    5,490       4,891       14,044       13,523  
 
                       
Total Revenue
    93,390       118,625       347,069       358,778  
 
                               
Operating Expenses
                               
Operating Expenses:
                               
Property Operating Expenses
    21,966       27,120       76,697       76,489  
Taxes, Licenses, and Insurance
    10,301       13,138       36,942       37,684  
 
                       
Total Property Operating Expenses
    32,267       40,258       113,639       114,173  
 
                               
Construction Expenses
    9,280       6,653       29,146       25,680  
Property Management Expenses
    2,365       3,258       9,812       9,800  
General and Administrative Expenses
    5,782       6,279       19,710       16,025  
Management Fee and Other Expenses
    3,984       3,051       11,145       9,044  
Restructuring Charges
                1,528        
Depreciation
    23,842       32,189       89,763       96,561  
Amortization
    835       4,479       9,741       13,454  
Impairment
    44,129             44,129        
 
                       
Total Operating Expenses
    122,484       96,167       328,613       284,737  
 
                       
Income (Loss) from Operations
    (29,094 )     22,458       18,456       74,041  
 
                               
Other Income (Expense)
                               
Interest Expense & Debt Cost Amortization
    (19,111 )     (31,585 )     (76,527 )     (93,710 )
Losses on Retirement of Debt
                (12,521 )     (628 )
Interest Income
    2,852       1,929       6,892       5,864  
Income (Loss) from Partially-Owned Investments
    6,886       (2,101 )     11,609       (4,105 )
Gain on Hedging Activities
          37       345       2,589  
Gain on Sale of Property, net of income taxes of $628 (Q3) and $1,475 (YTD) in 2007 and $162 (Q3) and $1,484 (YTD) in 2006
    12,777       1,443       303,776       39,551  
Income Taxes and Other
    16,545       138       15,733       (1,008 )
 
                       
Total Other Income (Expense)
    19,949       (30,139 )     249,307       (51,447 )
 
                       
 
                               
Income (Loss) before Minority Interest & Discontinued Operations
    (9,145 )     (7,681 )     267,763       22,594  
 
                               
Minority Interest
                               
Minority Interest of Limited Partners
    20       406       245       482  
Minority Interest in CRLP — Preferred
    (1,813 )     (1,813 )     (5,437 )     (5,438 )
Minority Interest in CRLP — Common
    3,858       2,560       8,535       162  
 
                       
Total Minority Interest
    2,065       1,153       3,343       (4,794 )
 
                       
 
                               
Income (Loss) from Continuing Operations
    (7,080 )     (6,528 )     271,106       17,800  
 
                               
Discontinued Operations
                               
Income from Discontinued Operations
    759       8,119       9,370       22,229  
Gain on Disposal of Discontinued Operations, net of income taxes of $95 (Q3) and $1,779 (YTD) in 2007 and $2,178 (Q3) and $6,766 (YTD) in 2006
    13,108       23,661       87,392       41,382  
Minority Interest in CRLP — Common
    (2,478 )     (5,949 )     (17,667 )     (11,603 )
Minority Interest of Limited Partners
    6       24       (67 )     (2,650 )
 
                       
Income from Discontinued Operations
    11,395       25,855       79,028       49,358  
 
                       
 
                               
Net Income
    4,315       19,327       350,134       67,158  
 
                       
 
                               
Dividends to Preferred Shareholders
    (2,539 )     (4,550 )     (10,900 )     (16,354 )
Preferred Share Issuance Costs
    (29 )     (45 )     (360 )     (2,128 )
 
                       
 
                               
Net Income Available to Common Shareholders
  $ 1,747     $ 14,732     $ 338,874     $ 48,676  
 
                       
 
                               
Earnings (Loss) per Share — Basic
                               
Continuing Operations
  $ (0.21 )   $ (0.25 )   $ 5.62     $ (0.02 )
Discontinued Operations
    0.24       0.57       1.71       1.09  
 
                       
EPS — Basic
  $ 0.03     $ 0.32     $ 7.33     $ 1.07  
 
                       
 
                               
Earnings (Loss) per Share — Diluted
                               
Continuing Operations
  $ (0.21 )   $ (0.25 )   $ 5.54     $ (0.01 )
Discontinued Operations
    0.24       0.57       1.69       1.07  
 
                       
EPS — Diluted
  $ 0.03     $ 0.32     $ 7.23     $ 1.06  
 
                       

-5-


 

THIRD QUARTER FUNDS FROM OPERATIONS (FFO) RECONCILIATION
                                 
($ in 000s, except per share data)   Three Months Ended     Nine Months Ended  
    9/30/2007     9/30/2006     9/30/2007     9/30/2006  
Net Income Available to Common Shareholders
  $ 1,747     $ 14,732     $ 338,874     $ 48,676  
Minority Interest in CRLP (Operating Ptr Unitholders)
    (1,380 )     3,389       9,132       11,440  
Minority Interest in Gain/(Loss) on Sale of Undepreciated Property
    (26 )     (430 )     (250 )     2,168  
 
                       
Total
    341       17,691       347,756       62,284  
 
                               
Adjustments — Consolidated Properties
                               
Depreciation — Real Estate
    23,455       35,983       89,703       112,343  
Amortization — Real Estate
    545       4,754       9,223       16,341  
Remove: Gain/(Loss) on Sale of Property, net of Income Tax
    (25,885 )     (25,103 )     (391,168 )     (80,932 )
Include: Gain/(Loss) on Sale of Undepreciated Property, net of Income Tax and Minority Interest
    4,790       5,766       10,188       15,432  
 
                       
Total Adjustments — Consolidated
    2,905       21,400       (282,054 )     63,184  
 
                               
Adjustments — Unconsolidated Properties
                               
Depreciation — Real Estate
    4,616       4,115       11,758       11,525  
Amortization — Real Estate
    2,132       1,154       5,186       4,034  
Remove: Gain/(Loss) on Sale of Property
    (8,339 )     (134 )     (16,893 )     (1,334 )
 
                       
Total Adjustments — Unconsolidated
    (1,591 )     5,135       51       14,225  
 
                       
 
                               
Funds from Operations (1)(2)
  $ 1,655     $ 44,226     $ 65,753     $ 139,693  
 
                       
 
                               
FFO per Share (1)(2)
                               
Basic
  $ 0.03     $ 0.79     $ 1.16     $ 2.49  
Diluted
  $ 0.03     $ 0.79     $ 1.15     $ 2.47  
 
(1)   FFO for the three and nine months ended September 30, 2007 includes a $43.3 million ($26.8 million, net of income taxes) non-cash impairment charge related to the Company’s for-sale residential business, which is equivalent to $0.47 per share (net of income taxes) per period. This charge is not added back to net income (loss) for the respective periods when calculating FFO.
 
(2)   During the three months ended June 30, 2007, we recorded $0.32 per diluted share, or $18.2 million of transaction related and other charges primarily related to the completion of the company’s strategic initiative transactions. 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.
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.
THIRD QUARTER SHARES AND UNITS OUTSTANDING, WEIGHTED
                                 
(shares and units in 000s)   Three Months Ended   Nine Months Ended
    9/30/2007   9/30/2006   9/30/2007   9/30/2006
 
                               
Basic
                               
Shares
    46,574       45,706       46,255       45,372  
Operating Partnership Units (OP Units)
    10,219       10,580       10,426       10,712  
 
                               
Total Shares & OP Units
    56,793       56,286       56,681       56,084  
Dilutive Common Share Equivalents
                639       486  
 
                               
Diluted (1)
                               
Shares
    46,574       45,706       46,894       45,858  
Total Shares & OP Units
    56,793       56,286       57,320       56,570  
Notes:
 
(1)   For periods where the Company reported a net loss from continuing operations (after preferred dividends), the effect of dilutive shares has been excluded from per share computations as including such shares would be anti-dilutive.

-6-


 

COLONIAL PROPERTIES TRUST
Financial Statements
Third Quarter 2007
BALANCE SHEET
($ in 000s)
                 
    As of     As of  
    9/30/2007     12/31/2006  
ASSETS
               
Real Estate Assets
               
Operating Properties
  $ 2,612,461     $ 3,601,883  
Undeveloped Land & Construction in Progress
    518,652       434,196  
 
           
Total Real Estate, before Depreciation
    3,131,113       4,036,079  
 
               
Less: Accumulated Depreciation
    (301,775 )     (420,374 )
Real Estate Assets Held for Sale, net
    49,652       381,445  
 
           
 
               
Net Real Estate Assets
    2,878,990       3,997,150  
 
               
Cash and Equivalents
    153,042       87,647  
Restricted Cash
    10,754       15,907  
Accounts Receivable, net
    26,273       26,138  
Notes Receivable
    31,747       61,269  
Prepaid Expenses
    7,402       19,519  
Deferred Debt and Lease Costs
    15,207       42,258  
Investment in Unconsolidated Subsidiaries
    78,559       92,892  
Other Assets
    48,361       88,997  
 
           
 
               
Total Assets
  $ 3,250,335     $ 4,431,777  
 
           
 
               
LIABILITIES
               
Long-Term Liabilities
               
Unsecured Credit Facility
  $ 27,000     $ 185,000  
Notes and Mortgages Payable
    1,602,502       2,165,884  
Mortages Payable Related to Real Estate Assets Held for Sale
          47,022  
 
           
Total Long-Term Liabilities
    1,629,502       2,397,906  
 
               
Other Liabilities
    140,643       150,760  
 
           
Total Liabilities
    1,770,145       2,548,666  
 
           
 
               
MINORITY INTEREST & EQUITY
               
 
               
Limited Partners’ Interest in Consolidated Partnership
    2,613       7,406  
 
               
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
    125,000       125,000  
Series E 7 5/8%, Preferred Shares
          104,760  
 
           
Total Preferred Shares and Units, at Liquidation Value
    225,000       329,760  
 
               
Common Equity, including Minority Interest in Operating Partnership
    1,252,577       1,545,945  
 
           
Total Equity, including Minority Interest
    1,480,190       1,883,111  
 
           
 
               
Total Liabilities and Equity
  $ 3,250,335     $ 4,431,777  
 
           
SHARES & UNITS OUTSTANDING, END OF PERIOD
(shares and units in 000s)
                 
    As of     As of  
    9/30/2007     12/31/2006  
Basic
               
Shares
    46,976       46,145  
Operating Partnership Units (OP Units)
    10,220       10,579  
 
           
Total Shares & OP Units
    57,196       56,724  
 
               
Dilutive Common Share Equivalents
    639       536  
 
               
Diluted
               
Shares
    47,615       46,681  
Total Shares & OP Units
    57,835       57,260  

-7-


 

COLONIAL PROPERTIES TRUST
Financial Statements
Third Quarter 2007
COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2007 (In apartment homes)
                                                                         
    Same     Non Same     Wholly     Joint     Stabilized     Completed in     Total     Under        
    Property     Property     Owned     Venture (1)     Operating     Lease-Up     Operating     Development     Total  
Atlanta
    1,857       1,424       3,281       72       3,353             3,353             3,353  
Austin
    1,232       678       1,910       56       1,966       84       2,050       676       2,726  
Birmingham
    1,262             1,262       271       1,533             1,533             1,533  
Charleston
    1,314       264       1,578             1,578             1,578             1,578  
Charlotte
    2,772       904       3,676       68       3,744             3,744       834       4,578  
Dallas
    2,284       426       2,710       32       2,742             2,742             2,742  
Fort Worth
    1,684       886       2,570       65       2,635             2,635             2,635  
Huntsville
    836             836             836             836             836  
Orlando
    2,252             2,252             2,252             2,252       600       2,852  
Phoenix
          952       952             952             952       439       1,391  
Raleigh
    1,714       264       1,978       138       2,116             2,116       365       2,481  
Richmond
    1,696             1,696             1,696             1,696             1,696  
Savannah
    837       312       1,149             1,149             1,149       288       1,437  
Other
    4,320       0       4,320       210       4,530       359       4,889       858       5,747  
 
                                                     
 
Total Portfolio
    24,060       6,110       30,170       911       31,081       443       31,524       4,060       35,584  
 
(1)   Joint venture units shown represents the Company’s pro-rata share of total units. There are 5,943 total units at the Company’s partially-owned apartment communities.
THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION (2)
PHYSICAL OCCUPANCY (3)
                                                                 
            Total NOI                            
    Same Property     Incl. JVs at             Sept 30,     Jun 30,     Mar 31,     Dec 31,     Sept 30,  
    Communities     Pro Rata % (4)             2007     2007     2007     2006     2006  
Atlanta
    8.7 %     12.0 %             95.0 %     95.9 %     96.7 %     94.7 %     95.4 %
Austin
    4.4 %     6.0 %             96.0 %     96.9 %     97.4 %     96.7 %     96.5 %
Birmingham
    4.5 %     4.3 %             95.1 %     97.0 %     96.6 %     94.6 %     96.2 %
Charleston
    5.5 %     5.4 %             95.8 %     97.1 %     95.9 %     96.5 %     97.8 %
Charlotte
    11.3 %     10.7 %             94.1 %     95.0 %     94.8 %     94.4 %     95.4 %
Dallas
    7.0 %     6.9 %             95.3 %     95.8 %     96.7 %     96.2 %     97.3 %
Fort Worth
    5.3 %     7.0 %             96.5 %     96.7 %     96.5 %     96.9 %     96.7 %
Huntsville
    3.6 %     2.9 %             98.2 %     97.4 %     94.1 %     95.6 %     97.0 %
Orlando
    12.5 %     10.0 %             97.6 %     98.3 %     97.3 %     95.9 %     96.8 %
Phoenix
    N/A       3.7 %             85.2 %     81.6 %     87.9 %     95.6 %     93.3 %
Raleigh
    7.4 %     6.2 %             94.7 %     95.0 %     94.6 %     95.9 %     95.1 %
Richmond
    7.4 %     5.9 %             96.5 %     96.8 %     96.9 %     96.1 %     94.0 %
Savannah
    3.5 %     3.2 %             95.5 %     96.1 %     95.9 %     97.3 %     98.0 %
Other
    18.9 %     15.8 %             95.4 %     96.3 %     96.8 %     95.7 %     96.3 %
 
                                                 
 
                                                               
Total Portfolio
    100.0 %     100.0 %             95.3 %     95.9 %     96.0 %     95.5 %     96.2 %
 
                                                               
Same Property
                            96.0 %     96.6 %     96.5 %     95.8 %     96.3 %
 
(2)   For the GAAP reconciliation of revenues, expenses and NOI, see page 24 and 25.
 
(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 28.
 
(4)   Based on total NOI from wholly-owned operating communities and the Company’s pro-rata share of total NOI from joint-venture communities.

-8-


 

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

Third Quarter 2007
($ in 000s, except property data and per unit amounts)
COMPONENTS OF PROPERTY NET OPERATING INCOME (1)
                                                         
    Apartment     Three Months Ended     Nine Months Ended  
    Homes     9/30/2007     9/30/2006     Change     9/30/2007     9/30/2006     Change  
 
Property Revenues
                                                       
Same Property Communities
    24,060     $ 58,150     $ 55,513     $ 2,637     $ 173,274     $ 165,197     $ 8,077  
Non-Same Property Communities
    6,110       14,573       7,378       7,195       42,380       11,810       30,569  
Joint Venture Communities (2)
    911       2,217       1,687       530       6,252       4,748       1,504  
Development and Lease Up Communities
    4,503       656       23       634       903       24       879  
Dispositions / Other
          240       16,489       (16,249 )     7,954       54,708       (46,754 )
 
                                         
Total Property Revenues
    35,584     $ 75,836     $ 81,089     $ (5,253 )   $ 230,763     $ 236,487     $ (5,724 )
 
                                                       
 
                                                       
Property Expenses
                                                       
Same Property Communities
    24,060     $ 23,244     $ 22,355     $ 890     $ 67,339     $ 64,500     $ 2,839  
Non-Same Property Communities
    6,110       6,686       3,126       3,560       17,531       5,038       12,494  
Joint Venture Communities (2)
    911       1,038       826       212       2,948       2,183       764  
Development and Lease Up Communities
    4,503       881       25       855       1,239       45       1,195  
Dispositions / Other
          352       7,776       (7,424 )     6,004       24,422       (18,419 )
 
                                         
Total Property Expenses
    35,584     $ 32,201     $ 34,109     $ (1,908 )   $ 95,061     $ 96,188     $ (1,126 )
 
                                                       
 
                                                       
Property Net Operating Income
                                                       
Same Property Communities
    24,060     $ 34,906     $ 33,159     $ 1,747     $ 105,935     $ 100,697     $ 5,237  
Non-Same Property Communities
    6,110       7,887       4,251       3,635       24,848       6,773       18,076  
Joint Venture Communities (2)
    911       1,179       860       319       3,304       2,565       740  
Development and Lease Up Communities
    4,503       (224 )     (3 )     (222 )     (336 )     (20 )     (316 )
Dispositions / Other
          (112 )     8,713       (8,824 )     1,950       30,285       (28,335 )
 
                                         
Total Property Net Operating Income
    35,584     $ 43,635     $ 46,980     $ (3,345 )   $ 135,702     $ 140,300     $ (4,598 )
 
(1)   For the GAAP reconciliation of revenues, expenses and NOI, see page 24 and 25.
 
(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     Nine Months Ended  
    Homes     9/30/2007     9/30/2006     Change     9/30/2007     9/30/2006     Change  
Capitalized Expenses
                                                       
Same Property Communities
    24,060     $ 5,819     $ 5,003     $ 816     $ 14,320       11,155     $ 3,165  
Non-Same Property Communities
    6,110       1,248       581       668       1,758       820       938  
Joint Venture Communities
    911       401       140       261       874       247       627  
Development and Lease Up Communities
    4,503       3       1       2       11       3       8  
Dispositions / Other
          622       1,284       (663 )     2,081       3,289       (1,208 )
 
                                         
Total Property Capitalized Expenses
    35,584     $ 8,093     $ 7,009     $ 1,084     $ 19,044     $ 15,513     $ 3,531  
 
                                                       
 
                                                       
Capitalized Expenses per Unit
                                                       
Same Property Communities
    24,060     $ 242     $ 208     $ 34     $ 595     $ 464     $ 132  
Non-Same Property Communities
    6,110       204       95       109       288       134       154  
Joint Venture Communities
    911       440       154       286       959       271       688  
 
                                         
Total Per Unit
    31,081     $ 260     $ 226     $ 35     $ 613     $ 499     $ 114  

-9-


 

COLONIAL PROPERTIES TRUST
Multifamily Same Property Second Quarter Comparisons

Third Quarter 2007
($ in 000s, except property data amounts)
REVENUES, EXPENSES & NOI FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2007
                                                                         
            Revenues                     Expenses                     NOI        
    3Q07     3Q06     % Chg     3Q07     3Q06     % Chg     3Q07     3Q06     % Chg  
 
 
                                                                       
Atlanta
  $ 5,181     $ 4,959       4.5 %   $ 2,120     $ 1,784       18.8 %   $ 3,061     $ 3,175       (3.6 %)
Austin
    2,823       2,642       6.9 %     1,420       1,416       0.3 %     1,403       1,226       14.4 %
Birmingham
    2,814       2,760       2.0 %     1,176       1,041       13.0 %     1,638       1,719       (4.7 %)
Charleston
    3,121       3,023       3.3 %     1,172       1,132       3.6 %     1,949       1,892       3.0 %
Charlotte
    6,013       5,546       8.4 %     2,462       2,277       8.2 %     3,551       3,269       8.6 %
Dallas
    4,777       4,668       2.3 %     2,289       2,246       1.9 %     2,488       2,422       2.7 %
Fort Worth
    3,599       3,291       9.4 %     1,733       1,773       -2.3 %     1,866       1,517       23.0 %
Huntsville
    2,092       1,931       8.4 %     701       774       -9.5 %     1,391       1,156       20.3 %
Orlando
    6,980       6,966       0.2 %     2,366       2,325       1.8 %     4,614       4,641       (0.6 %)
Raleigh
    3,979       3,679       8.1 %     1,625       1,466       10.9 %     2,354       2,213       6.4 %
Richmond
    4,139       3,768       9.8 %     1,498       1,501       -0.2 %     2,641       2,267       16.5 %
Savannah
    2,125       2,089       1.7 %     807       782       3.2 %     1,318       1,307       0.9 %
Other
    10,507       10,193       3.1 %     3,874       3,838       0.9 %     6,632       6,355       4.4 %
 
                                                     
 
                                                                       
Total Same Property (1)
  $ 58,150     $ 55,513       4.7 %   $ 23,244     $ 22,355       4.0 %   $ 34,906     $ 33,159       5.3 %
                                                                 
    Apartment                    
    Homes     % of NOI     Physical Occupancy     Weighted Average Rental Rate (2)  
    Included     Contribution     3Q07     3Q06     % Chg     3Q07     3Q06     % Chg  
 
 
                                                               
Atlanta
    1,857       8.8 %     96.4 %     96.3 %     0.2 %   $ 894     $ 867       3.1 %
Austin
    1,232       4.0 %     96.9 %     96.4 %     0.5 %     694       668       3.7 %
Birmingham
    1,262       4.7 %     95.0 %     96.7 %     (1.7 %)     712       704       1.1 %
Charleston
    1,314       5.6 %     96.1 %     97.8 %     (1.7 %)     742       702       5.7 %
Charlotte
    2,772       10.2 %     94.2 %     94.8 %     (0.6 %)     690       671       2.9 %
Dallas
    2,284       7.1 %     95.4 %     97.7 %     (2.2 %)     676       665       1.7 %
Fort Worth
    1,684       5.3 %     97.3 %     96.9 %     0.5 %     664       640       3.8 %
Huntsville
    836       4.0 %     98.2 %     97.0 %     1.2 %     745       706       5.5 %
Orlando
    2,252       13.2 %     97.6 %     96.8 %     0.8 %     970       1,013       (4.3 %)
Richmond
    1,714       6.7 %     95.9 %     95.4 %     0.4 %     724       705       2.7 %
Savannah
    1,696       7.6 %     96.5 %     94.0 %     2.5 %     780       752       3.8 %
Other
    837       3.8 %     95.7 %     98.0 %     (2.3 %)     802       790       1.5 %
 
    4,320       19.0 %     95.4 %     96.4 %     (0.9 %)     780       757       3.0 %
 
                                               
 
                                                               
Total Same Property (1)
    24,060       100.0 %     96.0 %     96.3 %     (0.3 %)   $ 764     $ 748       2.1 %
 
(1)   Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2006, 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 24 and 25.

-10-


 

COLONIAL PROPERTIES TRUST
Multifamily Same Property Year to Date Comparisons

Third Quarter 2007
($ in 000s, except property data amounts)
REVENUES, EXPENSES & NOI FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2007
                                                                         
            Revenues                     Expenses                     NOI        
    2007     2006     % Chg     2007     2006     % Chg     2007     2006     % Chg  
 
 
                                                                       
Atlanta
  $ 15,507     $ 14,763       5.0 %   $ 6,037     $ 5,168       16.8 %   $ 9,470     $ 9,596       (1.3 %)
Austin
    8,309       7,746       7.3 %     3,896       3,960       -1.6 %     4,413       3,785       16.6 %
Birmingham
    8,282       8,229       0.6 %     3,427       3,076       11.4 %     4,856       5,153       (5.8 %)
Charleston
    9,290       8,787       5.7 %     3,378       3,466       -2.6 %     5,913       5,321       11.1 %
Charlotte
    17,957       16,512       8.8 %     7,195       6,630       8.5 %     10,762       9,882       8.9 %
Dallas
    14,315       14,021       2.1 %     6,589       6,744       -2.3 %     7,725       7,277       6.2 %
Fort Worth
    10,561       9,980       5.8 %     4,914       4,997       -1.7 %     5,647       4,983       13.3 %
Huntsville
    6,016       5,704       5.5 %     2,144       2,037       5.3 %     3,872       3,668       5.6 %
Orlando
    21,010       20,607       2.0 %     7,225       6,810       6.1 %     13,784       13,797       (0.1 %)
Raleigh
    11,757       10,925       7.6 %     4,548       4,203       8.2 %     7,210       6,723       7.2 %
Richmond
    12,329       11,518       7.0 %     4,416       4,209       4.9 %     7,914       7,309       8.3 %
Savannah
    6,389       6,105       4.6 %     2,396       2,352       1.8 %     3,993       3,753       6.4 %
Other
    31,551       30,298       4.1 %     11,175       10,848       3.0 %     20,376       19,450       4.8 %
 
                                                     
 
                                                                       
Total Same Property (1)
  $ 173,274     $ 165,197       4.9 %   $ 67,339     $ 64,500       4.4 %   $ 105,935     $ 100,697       5.2 %
                                                                 
    Apartment                    
    Homes     % of NOI     Physical Occupancy     Weighted Average Rental Rate (2)  
    Included     Contribution     2007     2006     % Chg     2007     2006     % Chg  
 
 
                                                               
Atlanta
    1,857       8.9 %     96.4 %     96.3 %     0.2 %   $ 887     $ 859       3.2 %
Austin
    1,232       4.2 %     96.9 %     96.4 %     0.5 %     683       662       3.0 %
Birmingham
    1,262       4.6 %     95.0 %     96.7 %     (1.7 %)     706       709       (0.4 %)
Charleston
    1,314       5.6 %     96.1 %     97.8 %     (1.7 %)     733       692       6.0 %
Charlotte
    2,772       10.2 %     94.2 %     94.8 %     (0.6 %)     687       662       3.7 %
Dallas
    2,284       7.3 %     95.4 %     97.7 %     (2.2 %)     674       677       (0.5 %)
Fort Worth
    1,684       5.3 %     97.3 %     96.9 %     0.5 %     655       637       2.8 %
Huntsville
    836       3.7 %     98.2 %     97.0 %     1.2 %     738       697       5.9 %
Orlando
    2,252       13.0 %     97.6 %     96.8 %     0.8 %     984       978       0.7 %
Raleigh
    1,714       6.8 %     95.9 %     95.4 %     0.4 %     720       702       2.5 %
Richmond
    1,696       7.5 %     96.5 %     94.0 %     2.5 %     777       745       4.2 %
Savannah
    837       3.8 %     95.7 %     98.0 %     (2.3 %)     812       765       6.2 %
Other
    4,320       19.2 %     95.4 %     96.4 %     (0.9 %)     778       749       3.8 %
 
                                               
 
                                                               
Total Same Property (1)
    24,060       100.0 %     96.0 %     96.3 %     (0.3 %)   $ 761     $ 740       2.9 %
 
(1)   Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2006, 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 24 and 25.

-11-


 

COLONIAL PROPERTIES TRUST
Multifamily Same Property Sequential Quarter Comparisons

Third Quarter 2007
($ in 000s, except property data amounts)
SAME PROPERTY SEQUENTIAL COMPARISON OF REVENUES, EXPENSES & NOI
                                                                         
            Revenues                     Expenses                     NOI        
    3Q07     2Q07     % Chg     3Q07     2Q07     % Chg     3Q07     2Q07     % Chg  
 
 
                                                                       
Atlanta
  $ 5,181     $ 5,286       -2.0 %   $ 2,120     $ 2,061       2.8 %   $ 3,061     $ 3,225       (5.1 %)
Austin
    2,823       2,786       1.3 %     1,420       1,171       21.2 %     1,403       1,615       (13.1 %)
Birmingham
    2,814       2,795       0.7 %     1,176       1,135       3.6 %     1,638       1,660       (1.3 %)
Charleston
    3,121       3,174       -1.7 %     1,172       1,128       3.9 %     1,949       2,046       (4.7 %)
Charlotte
    6,013       6,079       -1.1 %     2,462       2,428       1.4 %     3,551       3,651       (2.8 %)
Dallas
    4,777       4,753       0.5 %     2,289       2,154       6.3 %     2,488       2,599       (4.3 %)
Fort Worth
    3,599       3,493       3.0 %     1,733       1,526       13.5 %     1,866       1,967       (5.1 %)
Huntsville
    2,092       1,982       5.5 %     701       646       8.5 %     1,391       1,336       4.1 %
Orlando
    6,980       7,048       -1.0 %     2,366       2,430       -2.7 %     4,614       4,617       (0.1 %)
Raleigh
    3,979       3,954       0.6 %     1,625       1,508       7.8 %     2,354       2,446       (3.8 %)
Richmond
    4,139       4,201       -1.5 %     1,498       1,483       1.0 %     2,641       2,718       (2.9 %)
Savannah
    2,125       2,150       -1.2 %     807       849       -5.0 %     1,318       1,300       1.3 %
Other
    10,507       10,742       -2.2 %     3,874       3,763       3.0 %     6,632       6,979       (5.0 %)
 
                                                     
 
                                                                       
Total Same Property (1)
  $ 58,150     $ 58,442       -0.5 %   $ 23,244     $ 22,282       4.3 %   $ 34,906     $ 36,160       (3.5 %)
                                                                 
    Apartment                    
    Homes     % of NOI     Physical Occupancy     Weighted Average Rental Rate (2)  
    Included     Contribution     3Q07     2Q07     % Chg     3Q07     2Q07     % Chg  
 
 
                                                               
Atlanta
    1,857       8.8 %     96.4 %     96.7 %     (0.3 %)   $ 894     $ 888       0.7 %
Austin
    1,232       4.0 %     96.9 %     97.1 %     (0.2 %)     694       685       1.3 %
Birmingham
    1,262       4.7 %     95.0 %     97.2 %     (2.2 %)     712       707       0.8 %
Charleston
    1,314       5.6 %     96.1 %     97.7 %     (1.6 %)     742       735       1.0 %
Charlotte
    2,772       10.2 %     94.2 %     95.3 %     (1.1 %)     690       685       0.8 %
Dallas
    2,284       7.1 %     95.4 %     95.9 %     (0.4 %)     676       673       0.5 %
Fort Worth
    1,684       5.3 %     97.3 %     97.1 %     0.2 %     664       654       1.6 %
Huntsville
    836       4.0 %     98.2 %     97.4 %     0.8 %     745       733       1.5 %
Orlando
    2,252       13.2 %     97.6 %     98.3 %     (0.7 %)     970       983       (1.3 %)
Raleigh
    1,714       6.7 %     95.9 %     95.7 %     0.1 %     724       721       0.4 %
Richmond
    1,696       7.6 %     96.5 %     96.8 %     (0.3 %)     780       782       (0.1 %)
Savannah
    837       3.8 %     95.7 %     96.4 %     (0.7 %)     802       816       (1.8 %)
Other
    4,320       19.0 %     95.4 %     96.3 %     (0.9 %)     780       784       (0.5 %)
 
                                               
 
                                                               
Total Same Property (1)
    24,060       100.0 %     96.0 %     96.6 %     (0.6 %)   $ 764     $ 762       0.2 %
 
(1)   Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2006, 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.

-12-


 

COLONIAL PROPERTIES TRUST
Unconsolidated Joint Ventures

($ in 000s)
Joint Venture Operations
                                 
    Three Months Ended     Nine Months Ended  
    9/30/2007     9/30/2006     9/30/2007     9/30/2006  
 
                               
OPERATING DATA (1)
                               
 
                               
Property Revenues
                               
Rental revenues
  $ 19,223     $ 16,431     $ 46,912     $ 47,311  
Other property revenues
    1,046       816       2,403       2,799  
 
                       
Total property revenues
    20,269       17,247       49,315       50,110  
 
                               
Property Expenses
                               
Property operating and maintenance
    5,665       5,256       13,881       14,223  
Taxes, license and insurance
    2,402       2,004       6,122       5,840  
 
                       
Total property expenses
    8,067       7,260       20,003       20,063  
 
                               
Net Operating Income (NOI)
    12,202       9,987       29,312       30,047  
 
                               
Other Income (Expenses)
                               
Interest, net
    (7,512 )     (6,408 )     (18,637 )     (18,383 )
Depreciation and amortization (2)
    (6,576 )     (5,246 )     (16,924 )     (15,784 )
Other
    (162 )     (510 )     (333 )     (1,022 )
 
                       
Total other expenses
    (14,250 )     (12,164 )     (35,894 )     (35,189 )
 
                               
Gain on sale of properties, net
    8,934       76       18,191       1,037  
 
                       
 
                               
Equity in income (loss) of joint ventures
  $ 6,886     $ (2,101 )   $ 11,609     $ (4,105 )
 
                       
                 
    As of  
    9/30/2007     12/31/2006  
BALANCE SHEET DATA (3)
               
 
               
Real estate assets, net
  $ 3,863,800     $ 2,509,516  
Other assets, net
    339,136       274,413  
 
           
Total assets
    4,202,936       2,783,929  
 
               
Notes payable
    2,998,597       2,107,048  
Notes payable to Colonial
    26,343       15,390  
Other liabilities
    83,437       48,926  
 
           
Total liabilities
    3,108,377       2,171,364  
 
               
Member’s equity
    994,559       612,565  
 
           
Total liabilities and member’s equity
  $ 4,102,936     $ 2,783,929  
 
               
Colonial’s equity investment (4)
  $ 78,559     $ 92,892  
Colonial’s pro-rata share of debt
  $ 492,432     $ 367,210  
 
(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.

-13-


 

COLONIAL PROPERTIES TRUST
Investments in Real Estate Joint Ventures
As of September 30, 2007

(in thousands)
                                                                                 
                                                            Average              
                    Gross             Mortgages     Weighted     Weighted     Remaining              
    Number of     Total     Investment in     Construction in     and Notes     Ownership     Average     Term              
Venture   Properties     Units/GLA     Real Estate (1)     Progress (1)     Payable (1)     Interest     Interest Rate     (in months)     % Fixed Rate     % Variable Rate  
 
                                                                               
MULTIFAMILY
                                                                               
CMS
    4       1,212     $ 77,764     $     $ 73,347       20 %     5.83 %     68       100.00 %      
DRA
    6       2,034       142,677             95,807       15 %     4.85 %     25       100.00 %      
Development
    3       683       67,240       24,395       39,645       30 %     6.52 %     21             100.00 %
Other
    9       2,361       216,317             157,902       16 %     5.65 %     86       100.00 %      
 
                                                                     
 
                                                                               
Total Multifamily
    22       6,290     $ 503,999     $ 24,395     $ 366,702                                          
 
                                                                     
 
                                                                               
OFFICE
                                                                               
DRA/CRT (2)
    18       8,530       1,290,036       12,569       983,692       15 %     5.91 %     24       65.48 %     34.52 %
DRA/CLP (3)
    27       6,937       1,137,158       5,198       741,907       15 %     5.61 %     80       100.00 %      
UBS/CLP Mansell
    2       689       141,932       8,049       92,690       15 %     6.15 %     106       100.00 %      
Other
    1       30       2,819             1,155       33 %     8.10 %     88       100.00 %      
 
                                                                     
 
                                                                               
Total Office
    48       16,186     $ 2,571,946     $ 25,816     $ 1,819,444                                          
 
                                                                     
 
                                                                               
RETAIL
                                                                               
GPT (4)
    6       3,876       393,852             322,917       10 %     5.67 %     69       74.61 %     25.39 %
OZRE (5)
    11       2,591       361,926             284,000       15 %     6.31 %     82       100.00 %      
Craft Farms
    1       250       53,800             43,000       15 %     6.62 %     10             100.00 %
Parkway Place
    1       636       91,133             58,543       45 %     6.12 %     8             100.00 %
Turkey Creek
    1       477       78,978       27       65,000       50 %     6.03 %     107       100.00 %      
Other
    3       686       33,319       22,100       38,991       24 %     6.16 %     42       13.03 %     86.97 %
 
                                                                     
 
                                                                               
Total Retail
    23       8,516     $ 1,013,008     $ 22,127     $ 812,451                                          
 
                                                                     
 
                                                                               
 
                                                                     
 
    93             $ 4,088,953     $ 72,338     $ 2,998,596                                          
 
                                                                     
 
(1)   Represents assets and liabilities at 100%.
 
(2)   As of September 30, 2007, this joint venture included 18 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Rockville, Maryland; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas.
 
(3)   As of September 30, 2007, this joint venture included 25 office properties and 2 retail properties located in Birmingham and Huntsville, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
 
(4)   As of September 30, 2007, 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.
 
(5)   As of September 30, 2007, 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 34.

-14-


 

COLONIAL PROPERTIES TRUST
Operating Joint Venture Income Summary
Three Months Ended September 30, 2007

(in thousands)
                                                                         
                    Net                                             Colonial Share  
    Total     Operating     Operating     Interest     Other Income     Gain (Loss)     Depreciation &     Net Income     Income of Net  
Venture   Revenues     Expenses     Income     Expense     (Expenses)     on Sale     Amortization     (Loss)     (Loss) (1)  
 
                                                                       
MULTIFAMILY
                                                                       
CMS (2)
  $ 3,634     $ 1,760     $ 1,874     $ 1,325     $ (3 )   $ 9,238     $ 878     $ 8,912     $ 1,665  
DRA
    4,522       2,099       2,422       1,191       (33 )           768       496       112  
Development
    777       539       238       435                         (197 )     (46 )
Other
    5,997       3,033       2,963       2,309       (51 )     (15 )     2,140       (1,450 )     (146 )
 
                                                     
 
                                                                       
Total Multifamily
  $ 14,929     $ 7,431     $ 7,498     $ 5,260     $ (86 )   $ 9,223     $ 3,786     $ 7,761     $ 1,584  
 
                                                     
 
                                                                       
OFFICE
                                                                       
DRA/CRT (3)
    42,534       19,460       23,075       16,369       861       44,186       16,241       33,789       5,388  
DRA/CLP (4)
    35,707       13,825       21,881       10,395       (212 )           14,200       (2,501 )     302  
UBS/CLP Mansell
    4,063       1,135       2,928       1,426       (8 )           2,414       (904 )     11  
Other
    160       71       89       25                   14       51       25  
 
                                                     
 
                                                                       
Total Office
  $ 82,464     $ 34,490     $ 47,974     $ 28,215     $ 641     $ 44,186     $ 32,869     $ 30,434     $ 5,726  
 
                                                     
 
                                                                       
RETAIL
                                                                       
GPT (5)
    11,998       4,632       7,366       4,941       (53 )           5,540       (3,062 )     (195 )
OZRE (6)
    8,755       2,391       6,364       4,862       (17 )           3,811       (2,292 )     (116 )
Craft Farms
    1,085       175       909       405       (84 )           230       358       (67 )
Parkway Place
    2,721       909       1,812       1,440                   771       (398 )     (176 )
Turkey Creek
    2,435       614       1,821       994       (8 )           866       (31 )     35  
Other
    1,067       277       790       229       (5 )           187       378       69  
 
                                                     
 
                                                                       
Total Retail
  $ 28,062     $ 8,998     $ 19,063     $ 12,871     $ (166 )   $     $ 11,405     $ (5,047 )   $ (450 )
 
                                                     
 
                                                                       
 
  $ 125,455     $ 50,920     $ 74,535     $ 46,346     $ 388     $ 53,408     $ 48,060     $ 33,149     $ 6,860  
 
                                                     
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 34.
 
(1)   Includes amortization of excess basis differences and management fee eliminations for certain joint ventures.
 
(2)   Net Income on the CMS JV includes gains on CV at Hendersonville, located in Nashville, Tennessee, which was sold during the third quarter of 2007.
 
(3)   As of September 30, 2007, this joint venture included 18 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Rockville, Maryland; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. Net income includes gains on Las Olas Centre, located in Ft. Lauderdale, Florida, which was sold during the third quarter of 2007.
 
(4)   As of September 30, 2007, this joint venture included 25 office properties and 2 retail properties located in Birmingham and Huntsville, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
 
(5)   As of September 30, 2007, 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.
 
(6)   As of September 30, 2007, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas.

-15-


 

COLONIAL PROPERTIES TRUST
Operating Joint Venture Income Summary
Nine Months Ended September 30, 2007

(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 (2)
  $ 11,293     $ 5,659     $ 5,634     $ 4,192     $ (14 )   $ 46,106     $ 2,716     $ 44,846     $ 9,958  
DRA
    12,145       5,629       6,516       3,211       (46 )           2,304       1,048       208  
Development
    1,749       1,381       368       1,152       (4 )                 (780 )     (189 )
Other
    18,699       10,434       8,266       6,954       (97 )     (47 )     7,845       (6,483 )     (859 )
 
                                                     
 
                                                                       
Total Multifamily
  $ 43,886     $ 23,102     $ 20,784     $ 15,509     $ (161 )   $ 46,059     $ 12,864     $ 38,631     $ 9,118  
 
                                                     
 
                                                                       
OFFICE
                                                                       
DRA/CRT (3)
  $ 135,357     $ 58,846     $ 76,511     $ 51,750     $ 1,812     $ 44,506     $ 50,206     $ 17,250     $ 3,193  
DRA/CLP (4)
    42,300       16,148       26,152       12,097       (213 )           16,825       (2,557 )     380  
UBS/CLP Mansell
    12,224       3,612       8,612       4,278       (29 )           7,858       (3,495 )     (278 )
Other
    477       220       258       75       (1 )           43       140       69  
 
                                                     
 
                                                                       
Total Office
  $ 190,359     $ 78,826     $ 111,533     $ 68,201     $ 1,569     $ 44,506     $ 74,932     $ 11,338     $ 3,365  
 
                                                     
 
                                                                       
RETAIL
                                                                       
GPT (5)
    35,757       13,526       22,231       14,699       (166 )           16,368       (8,669 )     (533 )
OZRE (6)
    9,920       2,619       7,301       5,205       (17 )           4,214       (2,100 )     (68 )
Craft Farms
    1,085       175       909       405       (84 )           230       358       (67 )
Parkway Place
    7,826       2,609       5,218       4,240                   2,070       (1,092 )     (482 )
Turkey Creek
    7,242       1,860       5,383       2,983       (23 )           2,586       (164 )     (5 )
Other
    3,120       840       2,279       656       (19 )           578       1,065       281  
 
                                                     
 
                                                                       
Total Retail
  $ 64,950     $ 21,628     $ 43,321     $ 28,188     $ (310 )   $     $ 26,046     $ (10,603 )   $ (874 )
 
                                                     
 
                                                                       
 
  $ 299,195     $ 123,556     $ 175,639     $ 111,898     $ 1,099     $ 90,564     $ 113,842     $ 39,365     $ 11,609  
 
                                                     
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 34.
 
(1)   Includes amortization of excess basis differences and management fee eliminations for certain joint ventures.
 
(2)   Net Income on the CMS JV includes gains on CV at Hendersonville, located in Nashville, Tennessee, which was sold during the third quarter of 2007 and gains on CG at Bayshore, located in Sarasota, Florida, which was sold during the first quarter of 2007.
 
(3)   As of September 30, 2007, this joint venture included 18 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Rockville, Maryland; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. Net income includes gains on Las Olas Centre, located in Ft. Lauderdale, Florida, which was sold during the third quarter of 2007 and gains on St Petersburg Center, located in Tampa, FL, which was sold during the first quarter of 2007.
 
(4)   As of September 30, 2007, this joint venture included 25 office properties and 2 retail properties located in Birmingham and Huntsville, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
 
(5)   As of September 30, 2007, 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.
 
(6)   As of September 30, 2007, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas.

-16-


 

COLONIAL PROPERTIES TRUST
Joint Venture Operational Statistics
Third Quarter 2007
                 
    As of
    9/30/2007   9/30/2006
     
Base rent per square foot — Straight-line
               
Office
               
Consolidated
  $ 16.14     $ 15.45  
Unconsolidated
    18.89       19.32  
 
               
Retail
               
Consolidated
  $ 15.70     $ 10.59  
Unconsolidated
    15.44       16.24  
 
               
Base rent per square foot — Cash
               
Office
               
Consolidated
  $ 16.15     $ 15.68  
Unconsolidated
    18.08       17.87  
 
               
Retail
               
Consolidated
  $ 15.49     $ 10.52  
Unconsolidated
    15.14       15.87  
 
               
Square Feet (in 000’s)
               
Office
               
Consolidated
    207       6,951  
Unconsolidated (1)
    2,385       1,587  
 
               
Retail
               
Consolidated
    715       6,948  
Unconsolidated (1)
    1,135       790  
 
(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  
2007
    590       4 %   $ 12,558       4 %     88       4 %   $ 1,884       3 %
2008
    2,354       15 %     53,992       16 %     366       15 %     8,302       15 %
2009
    2,172       14 %     73,145       21 %     328       13 %     10,992       20 %
2010
    1,695       11 %     35,410       10 %     271       11 %     5,551       10 %
2011
    1,850       12 %     41,773       12 %     278       11 %     6,266       12 %
2012+
    6,787       44 %     130,592       38 %     1,150       46 %     20,997       39 %
 
                                                       
Total Leased SF
    15,448             $ 347,470               2,481             $ 53,992          
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  
2007
    250       4 %   $ 3,641       4 %     139       8 %   $ 1,291       5 %
2008
    548       8 %     6,904       8 %     92       5 %     1,384       5 %
2009
    617       9 %     7,658       9 %     98       6 %     1,489       6 %
2010
    575       8 %     8,455       10 %     89       5 %     1,376       5 %
2011
    834       12 %     10,763       12 %     158       9 %     3,003       12 %
2012+
    4,102       59 %     50,874       58 %     1,103       66 %     16,746       66 %
 
                                                       
Total Leased SF
    6,926             $ 88,295               1,678             $ 25,289          
OFFICE CAPITAL EXPENDITURES
                                 
    Three Months Ended     Nine Months Ended  
    9/30/2007     9/30/2006     9/30/2007     9/30/2006  
Capital Expenditures ($ in 000s)
                               
Regular Maintenance
  $ 362     $ 1,509     $ 3,585     $ 3,733  
Tenant Improvements
    697       3,815       5,328       13,959  
Leasing Commissions
    775       2,047       3,399       5,447  
Admin — Division
    12       7       29       44  
 
                       
Total
    1,846       7,378       12,341       23,183  
Less: Unconsolidated Assets
    (1,823 )     (1,230 )     (4,210 )     (3,927 )
 
                       
Total — Consolidated Assets
  $ 23     $ 6,148     $ 8,131     $ 19,256  
 
                       
RETAIL CAPITAL EXPENDITURES
                                 
    Three Months Ended     Nine Months Ended  
    9/30/2007     9/30/2006     9/30/2007     9/30/2006  
Capital Expenditures ($ in 000s)
                               
Regular Maintenance
  $ 29     $ 725     $ 765     $ 2,323  
Revenue- Enhancing
    111       453       615       990  
Tenant Improvements
    385       1,874       3,093       4,910  
Leasing Commissions
    37       607       981       1,931  
Admin — Division
    3       1       26       10  
 
                       
Total w/o Acquisition-Related
    565       3,660       5,480       10,164  
Less: Unconsolidated Assets
    (176 )     (62 )     (981 )     16  
 
                       
Total — Consolidated Assets
  $ 388     $ 3,598     $ 4,500     $ 10,180  
 
                       

-17-


 

COLONIAL PROPERTIES TRUST
Development and For-Sale Residential Activities
($ in MMs)
CONDOMINIUM CONVERSION AND FOR-SALE RESIDENTIAL SALES
For the three months ended September 30, 2007, continuing operations and discontinued operations include gains on condominium conversion and for-sale residential sales (before minority interest and income taxes) of $4.3 million and $0.3 million, respectively. For the nine months ended September 30, 2007, continuing operations and discontinued operations include gains on condominium conversion and for-sale residential sales (before minority interest and income taxes) of $6.4 million and $5.2 million, respectively. A summary of revenues and costs of condominium activities for the three and nine months ended September 30, 2007 and 2006 was as follows:
                                 
    Three Months Ended     Nine Months Ended  
    9/30/2007     9/30/2006     9/30/2007     9/30/2006  
Condominium conversion revenues, net
  $ 5,373     $ 22,634     $ 49,127     $ 97,528  
Condominium conversion costs
    (5,507 )     (17,396 )     (44,813 )     (76,496 )
 
                       
Gains on condominium conversion sales, before minority interest and income taxes
    (134 )     5,238       4,314       21,032  
 
                       
 
For-sale residential revenues, net
    5,264       3,841       21,224       3,841  
For-sale residential costs
    (4,662 )     (2,960 )     (18,032 )     (2,960 )
 
                       
Gains on for-sale residential sales, before minority interest and income taxes
    602       881       3,192       881  
 
                       
 
Development revenues, net
    40,517             40,517        
Development costs
    (36,422 )           (36,422 )      
 
                       
Gains on development sales, before minority interest and income taxes
    4,095             4,095        
 
                       
Minority interest
    26       413       250       (2,225 )
Provision for income taxes
    (353 )     (2,340 )     (2,777 )     (7,454 )
 
                       
Gains on condominium conversions, for-sale residential sales and developments, net of minority interest and income taxes (1)
  $ 4,236     $ 4,192     $ 9,074     $ 12,234  
 
                       
                                 
    Three Months Ended     Nine Months Ended  
($ in 000s)   9/30/2007     9/30/2006     9/30/2007     9/30/2006  
Condominium Conversion Projects Status
                               
Units Closed in prior periods
    1,163       456       935       328  
Units Closed in current period
    25       239       253       367  
Contracted (2)
    23       218       23       218  
Available Units (3)
    16       749       16       749  
 
                       
Total Units
    1,227       1,662       1,227       1,662  
 
                       
 
                               
For-Sale Residential Projects Status
                               
Units Closed in prior periods
    124             54        
Units Closed in current period
    20             90        
Contracted (2)
    110             110        
Available Units / Lots
    705             705        
 
                       
Total Units
    959             959        
 
                       
 
Notes:
 
(1)   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.
 
(2)   Units under contract are stated as of the end of the quarter. There can be no assurance that condominium units under contract will close.
 
(3)   The Company intends to lease the remaining units at two of its previous condominium conversion projects.
Condominium Conversions
                                                     
                                Units     Under     Remaining  
Project (2)   Location   Units     Average Price of Units Closed     Projected Sell Out     Closed     Contract (1)     Units  
 
 
                                                   
Azur at Metrowest
  Orlando, FL     311     $ 158,691       4Q07 — 1Q08       289       7       15  
Capri at Hunter’s Creek
  Orlando, FL     250       195,543       4Q07 — 1Q08       233       16       1  
 
                                           
 
        561                       522       23       16  
 
                                           
Residential For-Sale Development
                                                     
                                Units     Under     Remaining  
Project (2)   Location   Units     Average Price of Units/Lots Closed     Projected Sell Out     Closed     Contract (1)     Units / Lots  
 
 
                                                   
Regatta at James Island
  Charleston, SC     212     $ 195,602       3Q09 — 1Q10       113       20       79  
Grander (3)
  Gulf Shores, AL     30       731,250       1Q10 — 3Q10       12             18  
Cypress Village II (townhomes) (3)
  Gulf Shores, AL     96             4Q12 — 2Q13                   96  
Cypress Village (lots) (3)
  Gulf Shores, AL     188       200,000       2Q13 — 2Q14       5             183  
Spanish Oaks (lots)
  Mobile, AL     200       62,715       1Q15 — 2Q17       14             186  
Southgate on Fairview (3)
  Charlotte, NC     47             4Q08 — 2Q09             14       33  
Enclave (formerly The Renwick) (3) (4)
  Charlotte, NC     85             4Q09 — 2Q10             1       84  
Colonial Traditions at Gulf Shores (5)
  Gulf Shores, AL                 1Q11 — 1Q12                    
Metropolitan Midtown
  Charlotte, NC     101             1Q09 — 3Q09             75       26  
 
                                           
 
        959                       144       110       705  
 
                                           
 
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 September 30, 2007, there were 8 townhomes under contract. The average price per townhome is expected to be approximately $2.0 million. See Unconsolidated Partnerships Summary on page 34.
 
(3)   During the three months ended September 30, 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)   Upon completion of the project, the Company in considering the lease of all units as multifamily apartment homes.
 
(5)   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.

-18-


 

COLONIAL PROPERTIES TRUST
Current Development Pipeline
($ in MMs)
Significant Projects Under Construction
                                                                                 
                                            Development Costs  
        Units / SF-in 000s     Start   Compl.   Stab.           Thru     YTD     Rem.        
    Location   Total     Deliv’d     Leased     Date   Date   Date   Total     2006     2007     2007     After  
In Construction in Progress
                                                                               
Multifamily
                                                                               
CG at Huntersville
  Charlotte, NC     250       42       26     3Q06   4Q07   2Q08     26.1       5.8       12.7       7.6        
CG at Shelby Farms II
  Memphis, TN     154       40       29     1Q07   1Q08   2Q08     13.4       1.4       7.9       2.8       1.3  
CG at Ayrsley
  Charlotte, NC     368       16             3Q06   2Q08   1Q09     34.9       7.2       5.7       12.0       10.0  
CG at Onion Creek (formerly Double Creek)
  Austin, TX     300                     1Q07   3Q08   1Q09     31.8       4.9       5.8       6.0       15.1  
CG at Sweetwater
  Phoenix, AZ     195                     3Q07   3Q08   1Q09     23.5       5.4       0.7       3.4       14.0  
CG at Thunderbird
  Phoenix, AZ     244                     3Q07   1Q09   3Q09     29.6             7.1       0.1       22.4  
CG at Cityway
  Austin, TX     376                     3Q07   2Q09   4Q09     34.3       3.7       0.8       1.2       28.6  
CG at Pecos
  Las Vegas, NV     380                     3Q07   2Q09   4Q09     51.7             13.8       5.7       32.2  
CV at Matthews Commons
  Charlotte, NC     216                     4Q07   1Q09   4Q09     21.1             2.5       1.5       17.1  
CV at Godley Lake
  Savannah, GA     288                     3Q07   4Q08   3Q09     26.2             5.6       5.0       15.6  
CG at Wakefield
  Raleigh, NC     365                     4Q07   2Q09   1Q10     36.5             4.1       2.6       29.8  
CG at Randal Park *
  Orlando, FL     600                     1Q08   1Q10   4Q10     75.9       7.5       2.6       0.7       65.1  
 
                                                                     
 
                                            405.0       35.9       69.3       48.6       251.2  
 
                                                                     
Commercial Office
                                                                               
Colonial Center TownPark 400*
  Orlando, FL     176                     2Q07   2Q08   1Q09     29.7             10.3       7.4       12.0  
Metropolitan *
  Charlotte, NC     155               27     3Q06   2Q08   4Q09     35.2       5.5       9.5       13.4       6.8  
Retail
                                                                               
Colonial Pinnacle Craft Farms II*
  Gulf Shores, AL     67                     4Q08   3Q09   3Q09     13.5       9.8       0.4       0.4       2.9  
Colonial Pinnacle Tutwiler Farm II
  Birmingham, AL     85               65     4Q06   1Q08   1Q08     16.4       8.0       6.1       1.0       1.3  
Colonial Promenade Fultondale
  Birmingham, AL     234               203     2Q06   2Q08   2Q08     24.8       6.6       10.3       3.4       4.5  
Colonial Promenade Tannehill
  Birmingham, AL     347               82     1Q07   3Q08   1Q09     54.4       19.2       (4.4 )     10.2       29.4  
Metropolitan *
  Charlotte, NC     189               46     3Q06   2Q08   4Q09     52.8       7.0       18.9       17.9       9.0  
 
                                                                     
 
                                            226.8       56.1       51.1       53.7       65.9  
 
                                                                     
For Sale Projects
                                                                               
Enclave (formerly The Renwick) (1)
  Charlotte, NC     85                     1Q06   4Q09         30.9       10.8       11.0       6.0       3.1  
Southgate on Fairview (1)
  Charlotte, NC     47                     2Q06   4Q08         17.2       3.7       8.3       5.2        
Cypress Village II (townhomes) (1)
  Gulf Shores, AL     96       80             1Q06   2Q14         40.9       24.3       12.9       3.7        
Grander (1)
  Gulf Shores, AL     30       26             1Q06   3Q10         20.4       13.3       5.9       0.3       0.9  
Metropolitan *
  Charlotte, NC     101                     3Q06   2Q09         41.2       4.1       6.0       13.4       17.7  
Colonial Traditions at Gulf Shores (2)
  Gulf Shores, AL                         3Q06   1Q12         22.3       11.7       6.6       0.7       3.3  
Cypress Village (lots) (1)
  Gulf Shores, AL     236       236             1Q06   2Q14         34.6       20.6       10.4       0.2       3.4  
Spanish Oaks (lots)
  Mobile, AL     200       59             1Q06   3Q11         14.6       8.2       5.7       0.7        
 
                                                                     
 
                                            222.1       96.7       66.8       30.2       28.4  
 
                                                                     
 
                                                                               
Total Consolidated Projects, in CIP
                                          $ 853.9     $ 188.7     $ 187.2     $ 132.5     $ 345.5  
 
                                                                     
 
                                                                               
Unconsolidated Projects
                                                                               
Regents Park For-Sale (1) (3)
  Atlanta, GA     23       23             1Q06   3Q09         19.6       9.2       5.0       2.0       3.4  
Colonial Promenade Smyrna * (4)
  Nashville, TN     194               70     1Q07   2Q08   2Q08     17.6       5.9       5.1       2.5       4.1  
CG at Traditions * (5)
  Gulf Shores, AL     324       40       17     4Q06   1Q08   4Q08     15.0             10.7       2.5       1.8  
 
                                                                     
 
                                            52.2       15.1       20.8       7.0       9.3  
 
                                                                     
 
                                                                               
Total Significant Projects, in CIP
                                          $ 906.1     $ 203.8     $ 208.0     $ 139.5     $ 354.8  
 
                                                                     
Target Development Yield Ranges:
                                                                               
Multifamily: 7.0-8.5%
                                                                           
Office:         8.5-11.0%
                                                                           
Retail:         8.5-11.0%
                                                                           
Reconciliation to Consolidated Construction-in-Progress                                                                    
Dollars Invested in Significant Projects, in CIP                               $ 375.9                                  
Misc (Infrastructure and Misc Construction)                                 99.4     * Predevelopment and other.
Land Inventory                                 105.4     * Raw and improved land.
Less impairment related to for-sale projects (1)                                 (43.3 )                                
Less assets transferred to operating assets or real estate assets held for sale                                 (18.7 )                                
 
                                                                             
Total Consolidated Construction In Progress                               $ 518.7                                  
 
                                                                             
 
*   These projects are part of a mixed-use development.
 
Notes:
 
(1)   During the three months ended September 30, 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.
 
(2)   This project will include the sale of undeveloped land parcels.
 
(3)   Development costs represent 40% of total development costs, as the Company is a 40% partner in this project.
 
(4)   Development costs represent 50% of total development costs, as the Company is a 50% partner in this project.
 
(5)   Development costs represent 35% of total development costs, as the Company is a 35% partner in this project.

-19-


 

COLONIAL PROPERTIES TRUST
Property Acquisitions and Dispositions
($ in MMs)
SIGNIFICANT PROPERTY ACQUISITIONS
                                                 
                        Purch     1st Yr     Cap      
    Location   Date     Units/SF     Price     Invest     Rate     Remarks
2007
              (SF-000s)     ($ mm)     (1)     (2)      
Multifamily
                                               
CG at Old Town Scottsdale North
  Phoenix, AZ   Jan-07     208     $ 33.8     $ 34.3       5.4 %    
CG at Old Town Scottsdale South
  Phoenix, AZ   Jan-07     264       42.2       42.8       5.4 %    
Fairmont at Fossil Creek
  Fort Worth, TX   Feb-07     240       3.2       3.2       5.9 %   15% ownership interest
Auberry at Twin Creeks
  Dallas, TX   Feb-07     216       3.1       3.3       6.0 %   15% ownership interest
CG at Inverness Commons
  Phoenix, AZ   Mar-07     300       41.3       41.9       5.3 %    
CV at Cary
  Raleigh, NC   May-07     319       6.0       6.4       5.9 %   20% ownership interest
Merritt at Godley Station
  Savannah, GA   May-07     312       20.3       20.6       6.0 %    
 
                                           
Total
                              $ 149.9     $ 152.5      
 
                                           
SIGNIFICANT PROPERTY DISPOSITIONS
                                         
                        Sales     Cap      
    Location   Date     Units/SF     Price     Rate     Remarks
2007
              (SF-000s)     ($ mm)     (3)      
Multifamily
                                       
Beacon Hill
  Charlotte, NC   Jan-07     349     $ 15.9       6.3 %(4)    
Clarion Crossing
  Raleigh, NC   Jan-07     260       15.9       6.3 %(4)    
CG at Enclave
  Atlanta, GA   Jan-07     200       16.9       6.3 %(4)    
CV at Poplar Place
  Atlanta, GA   Jan-07     324       19.6       6.3 %(4)    
CV at Regency Place
  Raleigh, NC   Jan-07     180       10.3       6.3 %(4)    
CV at Spring Lake
  Atlanta, GA   Jan-07     188       11.5       6.3 %(4)    
CV at Timothy Woods
  Atlanta, GA   Jan-07     204       13.2       6.3 %(4)    
CG at Promenade
  Montgomery, AL   Feb-07     384       38.0       6.7 %    
CG at Bayshore
  Sarasota, FL   Feb-07     376       15.0       3.7 %   25% ownership interest
CG at Natchez Trace
  Jackson, MS   Jun-07     328       25.2       6.3 %    
CG at Reservoir
  Jackson, MS   Jun-07     170       17.0       6.3 %    
Mayflower Seaside
  Norfolk, VA   Jun-07     265       33.0       5.4 %    
Cape Landing
  Myrtle Beach, SC   Jun-07     288       19.5       5.8 %    
CV at Hendersonville
  Nashville, TN   Sep-07     364       27.0       5.3 %   25% ownership interest
 
                                     
Total — Multifamily
                      $ 278.0              
 
                                     
 
                                       
Office
                                       
DRA/CRT JV (1 property)
  Tampa, Florida   Feb-07     675.5       14.0       6.9 %(5)   15% ownership interest
DRA/CLP JV
  Multiple Cities   Jun-07     6,931.0       1,131.2       6.9 %(6)   15% ownership interest
DRA/CRT JV (1 property)
  Ft. Lauderdale, FL   Jul-07     469.2       34.6       4.1 %(7)   15% ownership interest
 
                                     
Total — Office
                      $ 1,179.8              
 
                                     
 
                                       
Retail
                                       
Rivermont Shopping Center
  Chattanooga, TN   Feb-07     73.5       4.2       7.3 %    
CS Yadkinville
  Yadkinville, NC   Mar-07     90.9       8.3       8.5 %    
CS Bear Lake
  Orlando, FL   Apr-07     131.3       20.6       6.6 %    
CP Wekiva
  Orlando, FL   May-07     208.6       27.2       8.0 %    
OZRE JV
  Multiple Cities   Jun-07     2,591.0       360.0       6.6 %(8)   15% ownership interest
Malls/Centers
  Multiple Cities   Jul-07     2,289.1       129.0       9.8 %(9)    
Village on the Parkway
  Dallas, TX   Jul-07     380.5       74.4       5.9 %    
Colonial Pinnacle Craft Farms I
  Gulf Shores, AL   Jul-07     250.0       53.8       6.7 %(10)   15% ownership interest
 
                                     
Total — Retail
                      $ 677.5              
 
                                     
 
 
  Total                   $ 2,135.3              
 
                                     
 
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 6.3%.
 
(5)   The DRA/CRT JV property sold was St. Petersburg Center in Tampa, Florida.
 
(6)   The DRA/CLP JV properties include 25 office properties located in Birmingham and Huntsville, AL; Orlando and Tampa, FL; Atlanta, GA; Charlotte, NC; and Austin, TX and 2 adjacent retail properties located in Birmingham, AL and Orlando, FL. The company retained a 15% interest in these properties.
 
(7)   The DRA/CRT JV property sold was Las Olas Centre in Ft. Lauderdale, Florida.
 
(8)   The OZRE Retail JV properties include 11 retail properties located in Birmingham, AL; Orlando, Punta Gorda, Jacksonville, and Tampa, FL; Athens, GA; and Houston, TX. The company retained a 15% interest in these properties.
 
(9)   The disposition included 4 retail malls located in Staunton, VA, Decatur, AL, Gainesville, GA, and Mt. Airy, NC and 7 retail centers located in Montgomery, AL, Columbus, GA, and Greensboro, NC.
 
(10)   The Company retained a 15% interest in this property.

-20-


 

COLONIAL PROPERTIES TRUST
Debt Summary
As of September 30, 2007
($ in 000s)
QUARTERLY DEBT SUMMARY
                                                                 
            CONSOLIDATED DEBT   WITH UNCONSOLIDATED SUBSID. DEBT
    Debt   %   Avg Int   Wtd Mat'y   Debt *(1)   %   Avg Int   Wtd Mat'y
Unsecured/Secured
                                                               
Unsecured Line of Credit
  $ 27,000       2 %     5.9 %     4.7     $ 27,000       1 %     5.9 %     4.7  
Unsecured Other
    1,540,274       95 %     5.8 %     6.1       1,540,274       73 %     5.8 %     6.1  
Secured
    62,228       4 %     6.1 %     5.5       554,660       26 %     5.9 %     4.9  
         
Total Debt
  $ 1,629,502       100 %     5.8 %     6.0     $ 2,121,934       100 %     5.8 %     5.7  
         
 
                                                               
Fixed/Floating
                                                               
Fixed Rate Debt
  $ 1,558,913       96 %     5.8 %     6.2     $ 1,924,357       91 %     5.8 %     6.2  
Floating Rate Debt — Capped
                            57,726       3 %     7.0 %     0.9  
Floating Rate Debt
    70,589       4 %     6.1 %     2.0       139,852       7 %     6.3 %     1.6  
         
Total Debt
  $ 1,629,502       100 %     5.8 %     6.0     $ 2,121,934       100 %     5.8 %     5.7  
         
PRINCIPAL DEBT AMORTIZATION SCHEDULE
($ in MMs)
(GRAPH)
Amortization Schedule excludes the Revolving Line of Credit — due June 2012
         
    Weighted Average Interest
    Rate on Maturing Debt
    (excluding line of credit)
2007
    6.40 %
2008
    6.40 %
2009
    6.24 %
2010
    5.30 %
2011
    4.80 %
2012
    6.76 %
2013
    6.11 %
2014
    6.09 %
Thereafter
    5.75 %
 
       
Total
    5.84 %
 
       
LINE OF CREDIT
                                 
    06/30/07     09/30/07     Interest Rate     Due  
 
                               
Floating
  $ 27,000     $ 27,000       5.87 %     06/15/12  
Competitive Bid Option — Floating
                      06/15/12  
Term loan
                      06/15/12  
 
                         
Total Outstanding on LOC
  $ 27,000     $ 27,000       5.87 %        
 
                           
 
Notes:
 
    The $500MM LOC has a $250MM Competitive Bid Option.
 
  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.
 
  In addition to the $500MM LOC, Wachovia has provided a $40MM Cash Management Line.
 
  5-Year facility through June 2012; with one 1-year extension

-21-


 

COLONIAL PROPERTIES TRUST
Debt Summary
As of September 30, 2007
($ 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
                                                     
      3Q06     YTD ‘06           3Q07     YTD ‘07  
SEC Coverage Ratios (SEC Reg. S-K, Item 503)
                                                   
Earnings to Fixed Charges (1)
      0.7         0.8                   (0.8 )       0.2    
Earnings to Fixed Charges &
                                                   
Preferred Share Distributions (1)
      0.7         0.7                   (0.7 )       0.2    
 
                                                   
Supplemental Coverage Ratios
                                                   
Interest Coverage (2)
      2.4         2.5                   2.2         2.4    
Fixed Charge Coverage (3)
      2.0         2.1                   1.9         2.0    
Fixed Charge w/ Cap Int (4)
      1.8         1.9                   1.5         1.7    
See page 27 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. Additionally, the deficiencies of the ratio of earnings to fixed charges for the three and nine months ended September 30, 2007 are a result of the $43.3 million impairment charge related to the Company’s for-sale residential business recorded during the third quarter of 2007.
 
(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
                                                         
    1Q06     2Q06     3Q06     4Q06     1Q07     2Q07     3Q07  
Consolidated Debt to Total Assets cannot exceed 60%
    53.1 %     55.1 %     55.9 %     53.9 %     52.0 %     54.8 %     53.5 %
Secured Debt to Total Assets cannot exceed 40%
    19.8 %     18.9 %     18.1 %     16.6 %     15.8 %     13.5 %     13.9 %
Total Unencumbered Assets to Unsecured Debt must be at least 150%
    187.9 %     179.0 %     176.2 %     187.3 %     192.3 %     199.3 %     208.8 %
Consolidated Income Available for Debt Service Charges must be at least 1.50/1
    2.2 x     2.4 x     2.3 x     2.6 x     2.7 x     2.6 x     2.6 x
TOTAL MARKET CAPITALIZATION
                                                         
Consolidated Debt
  $ 2,299,927     $ 2,429,424     $ 2,545,097     $ 2,397,906     $ 2,311,734     $ 1,851,464     $ 1,629,502  
Unconsolidated Debt
    399,366       396,695       416,048       367,210       342,714       461,042       492,432  
 
                                         
Total Debt
    2,699,293       2,826,119       2,961,145       2,765,116       2,654,448       2,312,506       2,121,934  
Preferred Stock
                                                       
7.25% Series B (Units)
    100,000       100,000       100,000       100,000       100,000       100,000       100,000  
9.25% Series C
    50,000                                      
8.125% Series D
    125,000       125,000       125,000       125,000       125,000       125,000       125,000  
7.62% Series E
    105,503       104,761       104,761       104,761       104,761              
 
                                         
Total Preferred Stock
    380,503       329,761       329,761       329,761       329,761       225,000       225,000  
Market Equity (Shares & Units)
    2,807,330       2,790,823       2,706,524       2,659,221       2,602,505       2,068,866       1,961,823  
 
                                         
Total Market Capitalization
  $ 5,887,126     $ 5,946,703     $ 5,997,430     $ 5,754,098     $ 5,586,714     $ 4,606,372     $ 4,308,757  
 
                                         
 
                                                       
Debt / Total Market Capitalization
    45.9 %     47.5 %     49.4 %     48.1 %     47.5 %     50.2 %     49.2 %
     
TOTAL MARKET CAPITALIZATION (W/ SUB): 5-YEAR
  TOTAL MARKET CAPITALIZATION (W/ SUB): CURRENT QTR
(PERFORMANCE GRAPH)
  (PIE CHART)

-22-


 

COLONIAL PROPERTIES TRUST
Corporate — Trends
($ in 000s, except per share data)
SUPPLEMENTAL DATA
                                 
    3Q07     3Q06     YTD ‘07     YTD ‘06  
Consolidated
                               
FFO Gains (net of income taxes & minority interest):
                               
Condo Conversions
  $ (76 )   $ 3,684     $ 3,056     $ 11,542  
For-Sale Residential
    392       528       2,098       528  
Development
    3,920             3,920        
Land / Outparcel Sales
    554       1,554       1,114       3,362  
 
                       
Totals
    4,790       5,766       10,188       15,432  
 
                               
3rd Party Mgt & Leasing Fee Revenue
    5,490       4,891       14,044       13,523  
Straight Line Rents
    1,401       1,057       5,277       4,747  
Percentage Rents
    225       460       1,135       1,196  
Lease Terminations
          372       333       1,453  
Interest Expense
    17,843       31,937       72,326       95,685  
Interest Income
    2,953       1,932       7,182       5,883  
Capitalized Interest
    6,599       4,714       20,191       11,404  
Debt — Principal Amortization
    168       1,456       2,724       4,567  
Preferred Dividend Payments
    4,352       6,363       16,338       21,792  
Preferred Share Issuance Costs
    29       45       360       2,128  
Amortization of Deferred Financing Costs
    1,315       1,430       5,476       4,381  
Amortization of Stock Compensation
    1,594       1,390       4,589       3,119  
Unconsolidated *(1)
                               
Straight Line Rents
    483       622       1,172       2,674  
Interest Expense
    7,468       6,318       18,328       17,914  
Debt — Principal Reductions
    98       129       337       463  
Amortization of Deferred Financing Costs
    148       144       481       630  
 
Notes:
(1)   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
                                 
    3Q07     3Q06     YTD ‘07     YTD ‘06  
Acquisition of Properties
                               
Multifamily
  $     $ 160,020     $ 150,471     $ 307,295  
Office
                      8,300  
 
                       
Acquisitions
          160,020       150,471       315,595  
 
                               
Other Assets & Debt Assumed
                         
Less: Unconsolidated Assets
          (2,700 )     (12,273 )     (8,055 )
 
                       
Acq, net — Consolidated Assets
  $     $ 157,320     $ 138,198     $ 307,540  
 
                               
Development Expenditures
                               
Multifamily
    52,119       15,290       102,163       64,233  
Office
    10,729       16,121       42,042       27,229  
Retail
    27,899       18,049       69,501       67,982  
For-Sale / Other
    42,990       31,017       104,886       112,888  
 
                       
Total, incl subs
    133,737       80,477       318,592       272,332  
 
                               
Less: Infrastructure
                               
Reimbursement from City/County
          (327 )     (7,178 )     (565 )
Less: Unconsolidated /Other (1)
    (10,449 )     (3,321 )     (19,493 )     (20,252 )
 
                       
Development, Consol. Assets
  $ 123,288     $ 76,829     $ 291,921     $ 251,515  
 
                       
 
(1)   Includes items reclassified to other cash flow investing activites.
                                 
Proceeds from Sales of Properties, Net of Selling Costs
                               
Multifamily
  $ 6,750     $     $ 257,849     $ 185,105  
Office
    34,647       86,008       427,691       237,805  
Retail
    249,142             424,455       114,574  
For Sale / Projects
    10,637       26,475       69,423       101,369  
Land and other
    1,550       3,442       5,578       13,404  
 
                       
Total, incl subs
    302,726       115,925       1,184,996       652,257  
Selling Costs
    (8,506 )     (4,204 )     (37,362 )     (14,624 )
Outparcels/Land
    (1,550 )     (3,442 )     (5,578 )     (13,404 )
Less: Unconsolidated — net
    (39,786 )     (23,626 )     (68,847 )     (36,728 )
 
                       
Sales, Net — Consolidated Assets
  $ 252,884     $ 84,653     $ 1,073,209     $ 587,501  
 
                       
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.

-23-


 

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s, except per share data)
RECONCILIATION OF REVENUES
                                 
    3Q07     3Q06     YTD ‘07     YTD ‘06  
Divisional Total Revenues
                               
Multifamily — Same Property
  $ 58,150     $ 55,513     $ 173,274     $ 165,197  
Multifamily — Non-Same Property
    17,686       25,576       57,488       71,291  
Office
    12,945       41,735       84,322       131,659  
Retail
    10,270       26,133       59,775       81,312  
 
                       
Total Divisional Revenues
    99,051       148,957       374,859       449,459  
 
                               
Less: Unconsolidated Revenues — Mfam
    (2,587 )     (4,766 )     (7,817 )     (14,275 )
Less: Unconsolidated Revenues — Off
    (12,128 )     (8,626 )     (28,298 )     (25,604 )
Less: Unconsolidated Revenues — Rtl
    (5,543 )     (3,942 )     (13,151 )     (10,230 )
Discontinued Operations
    (2,047 )     (24,757 )     (24,575 )     (80,888 )
Construction Revenues
    11,154       6,868       32,007       26,793  
Unallocated Corporate Rev
    5,490       4,891       14,044       13,523  
 
                       
Cons. Rev, adj -’06 Disc Ops
    93,390       118,625       347,069       358,778  
 
                       
 
                               
Add: Add’l Disc Ops Rev, post filing
          15,943             49,490  
 
                       
Total Consol. Rev, per 10-Q / K
  $ 93,390     $ 134,568     $ 347,069     $ 408,268  
 
                       
RECONCILIATION OF EXPENSES
                                 
    3Q07     3Q06     YTD ‘07     YTD ‘06  
Divisional Total Expenses
                               
Multifamily — Same Property
  $ 23,244     $ 22,355     $ 67,339     $ 64,500  
Multifamily — Non-Same Property
    8,957       11,755       27,722       31,687  
Office
    5,387       15,300       29,507       46,213  
Retail
    3,813       7,794       18,813       23,048  
 
                       
Total Divisional Expenses
    41,401       57,204       143,381       165,448  
 
                               
Less: Unconsolidated Expenses — Mfam
    (1,278 )     (2,176 )     (4,148 )     (5,957 )
Less: Unconsolidated Expenses — Off
    (4,702 )     (3,588 )     (10,928 )     (10,094 )
Less: Unconsolidated Expenses — Rtl
    (1,688 )     (1,273 )     (4,094 )     (3,380 )
Discontinued Operations (1)
    (1,323 )     (9,921 )     (13,076 )     (31,883 )
Impairment Charge — Discontinued Ops (1)
                2,500        
Impairment Charge — Continuing Ops
    44,129             44,129        
Other Expense
    (143 )     12       4       39  
 
                       
Total Property Operating Exp
    76,396       40,258       157,768       114,173  
Construction Expenses
    9,280       6,653       29,146       25,680  
Property Management Exp
    2,365       3,258       9,812       9,800  
General & Administrative Exp
    5,782       6,279       19,710       16,025  
Management Fee and Other Exp
    3,984       3,051       11,145       9,044  
Restructuring Charge
                1,528        
Depreciation
    23,842       32,189       89,763       96,561  
Amortization
    835       4,479       9,741       13,454  
 
                       
Cons. Exp, adj —’06 Disc Ops
    122,484       96,167       328,613       284,737  
 
                       
 
                               
Add: Add’l Disc Ops Exp,post filing
          10,043             33,055  
 
                       
Total Consol. Exp, per 10-Q / K
  $ 122,484     $ 106,210     $ 328,613     $ 317,792  
 
                       
Notes on following page.

-24-


 

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s, except per share data)
RECONCILIATION OF NOI
                                 
    3Q07     3Q06     YTD ‘07     YTD ‘06  
Divisional Total NOI
                               
Multifamily — Same Property
  $ 34,906     $ 33,158     $ 105,935     $ 100,697  
Multifamily — Non-Same Property
    8,729       13,821       29,766       39,604  
Office
    7,558       26,435       54,815       85,446  
Retail
    6,457       18,339       40,962       58,264  
 
                       
Total Divisional NOI
    57,650       91,753       231,478       284,011  
 
                               
Less: Unconsolidated NOI — Mfam
    (1,309 )     (2,590 )     (3,669 )     (8,318 )
Less: Unconsolidated NOI — Off
    (7,426 )     (5,038 )     (17,370 )     (15,510 )
Less: Unconsolidated NOI — Rtl
    (3,855 )     (2,669 )     (9,057 )     (6,850 )
Discontinued Operations
    (724 )     (14,836 )     (11,499 )     (49,005 )
Impairment Charge — Discontinued Ops (1)
                (2,500 )      
Impairment Charge — Continuing Ops (2)
    (44,129 )           (44,129 )      
Unallocated Corporate Rev
    5,490       4,891       14,044       13,523  
Other Expense
    143       (12 )     (4 )     (39 )
Construction NOI
    1,874       215       2,861       1,113  
Property Management Exp
    (2,365 )     (3,258 )     (9,812 )     (9,800 )
General & Administrative Exp
    (5,782 )     (6,279 )     (19,710 )     (16,025 )
Management Fee and Other Exp
    (3,984 )     (3,051 )     (11,145 )     (9,044 )
Restructuring Charge
                (1,528 )      
Depreciation
    (23,842 )     (32,189 )     (89,763 )     (96,561 )
Amortization
    (835 )     (4,479 )     (9,741 )     (13,454 )
 
                       
Income from Operations
    (29,094 )     22,458       18,456       74,041  
Total Other Income (Expense)
    19,949       (30,139 )     249,307       (51,447 )
 
                       
Income from Contin’g Ops (2)
    (9,145 )     (7,681 )     267,763       22,594  
 
                       
 
                               
Disc Ops
          5,900             16,435  
06 & 07 Disc Ops Other Inc(Exp)
          (616 )           (3,408 )
 
                       
Inc from Cont (3), per 10-Q / K
  $ (9,145 )   $ (2,397 )   $ 267,763     $ 35,621  
 
                       
 
                               
Quarterly NOI from Properties Not Stabilized in that Quarter
                               
Properties in Lease-up or CIP
    499       1,581       2,855       3,089  
Acquisitions
          807       3,693       1,920  
 
Notes:
(1)   The $2.5 million impairment charge recorded during the three months ended June 30, 2007, is related to a retail asset classified as held for sale, therefore this charge is also included in discontinued operations.
 
(2)   During the three months ended September 30, 2007, the Company recorded a $43.3 million non-cash impairment charge ($26.8 million net of income tax) related to the Company’s for-sale residential business as a result of the deterioration in the single family housing market and dislocation in the mortgage markets.
 
(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 NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006
                                 
    3Q07     3Q06     YTD ‘07     YTD ‘06  
Assets Sold
                               
Revenue from assets sold
  $ 1,263     $ 24,510     $ 23,416     $ 80,160  
Expenses from assets sold (1)
    1,127       9,865       12,997       31,732  
 
                       
NOI from assets sold
    136       14,645       10,419       48,428  
 
                       
 
                               
Assets Held for Sale
                               
Revenue from assets held for sale
    784       247       1,159       728  
Expenses from assets held for sale
    196       56       79       151  
 
                       
NOI from assets held for sale
    588       191       1,080       577  
 
                       
 
                               
Assets sold, not classified in discontinued operations
                               
Revenue from assets sold
    160       41,556       75,095       132,155  
Expenses from assets sold
    413       14,763       25,889       45,089  
 
                       
NOI from assets sold
  $ (253 )   $ 26,793     $ 49,206     $ 87,066  
 
                       
 
(1)   Expenses include a $2.5 million impairment charge related to a retail asset sold during the third quarter of 2007. The impairment charge was recorded during the second quarter of 2007.

-25-


 

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 September 30, 2007). A reconciliation of NOI from properties sold or held for sale to net income for these properties is as follows:
                                 
    (dollars in thousands)  
    3Q07     3Q06     YTD ‘07     YTD ‘06  
 
                               
Income from discontinued operations
  $ 759     $ 8,119     $ 9,370     $ 22,229  
Interest (income) expense, net
    (53 )     1,779       985       6,337  
Depreciation and amortization expenses
    18       4,938       1,142       19,877  
Other
                2       562  
 
                       
NOI from discontinued operations
  $ 724     $ 14,836     $ 11,499     $ 49,005  
 
                       
 
                               
NOI from assets sold
    136       14,645       10,419       48,428  
NOI from assets held for sale
    588       191       1,080       577  
 
                       
NOI from discontinued operations
  $ 724     $ 14,836     $ 11,499     $ 49,005  
 
                       
EBITDA RECONCILIATION
                                 
    3Q07     3Q06     YTD ‘07     YTD ‘06  
Net Income to Common S/H
  $ 1,747     $ 14,732     $ 338,874     $ 48,676  
Consolidated
                               
Minority Interest
    (1,380 )     3,389       9,132       11,441  
(Inc)/Loss — Uncons. Assets
    (6,886 )     2,101       (11,609 )     4,105  
Preferred Dividends
    4,352       6,363       16,337       21,792  
Preferred Share Issuance Costs
    29       45       360       2,128  
Interest Expense
    17,843       31,937       72,326       95,685  
Loss on Retirement of Debt
                12,521       628  
Income Tax Expense (Benefit)(1)
    (15,786 )     2,202       (12,479 )     9,258  
Depreciation & Amortization
    24,695       41,606       100,646       129,892  
(Gain)/Loss on Sale (Cont & Disc)
    (30,693 )     (27,443 )     (398,507 )     (89,182 )
Gain/(Loss)-Undeprec Prop *(2)
    5,487       7,676       13,187       25,858  
Impairment Charge
    44,129             46,629        
 
                       
EBITDA from Consolidated Props
    43,537       82,608       187,417       260,281  
 
                       
Unconsolidated
                               
Reverse: Inc/(Loss) — Uncons.
    6,886       (2,101 )     11,609       (4,105 )
Interest Expense
    7,468       6,318       18,328       17,914  
Depreciation & Amortization
    6,740       5,263       16,941       15,544  
(Gain)/Loss on Sale of Prop
    (8,339 )     (134 )     (16,893 )     (1,334 )
 
                       
EBITDA
  $ 56,292     $ 91,954     $ 217,402     $ 288,300  
 
                       
 
(1)   The income tax benefit recorded during the three and nine months ended September 30, 2007 relates primarily to the impairment charge of $43.3 million associated with the Company’s for-sale residential business recorded during the third quarter of 2007.
 
(2)   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.

-26-


 

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s, except per share data)
RECONCILIATION OF SEC COVERAGE RATIOS
                                                     
      3Q07       3Q06                 YTD '07       YTD '06    
Earnings
                                                   
Net Income (before preferred shares)
    $ 4,315       $ 19,327                 $ 350,134       $ 67,158    
Discontinued Operations:
                                                   
(Income)/Loss from Discontinued Operations
      (759 )       (8,119 )                 (9,370 )       (22,229 )  
Minority Interest in CRLP
      2,478         5,949                   17,667         11,603    
(Gains)/Losses on Disposal of Discontinued Operations, net of income taxes
      (13,108 )       (23,661 )                 (87,392 )       (41,382 )  
Minority Interest of Limited Partners
      (6 )       (24 )                 67         2,650    
CRLP Minority Interest — Common U/H
      (3,858 )       (2,560 )                 (8,535 )       (162 )  
(Gains)/Losses from Sales of Property, net of income taxes
      (12,777 )       (1,443 )                 (303,776 )       (39,551 )  
Minority Interest of Limited Partners
      (20 )       (406 )                 (245 )       (482 )  
Income Taxes and Other
      (16,545 )       (138 )                 (15,733 )       1,008    
(Income)/Loss from Unconsolidated Entities
      (6,886 )       2,101                   (11,609 )       4,105    
 
                                           
 
      (47,166 )       (8,974 )                 (68,792 )       (17,282 )  
Amortization of Interest Capitalized
      600         600                   1,800         1,800    
Capitalized Interest
      (6,599 )       (4,714 )                 (20,191 )       (11,404 )  
Distributions from Unconsolidated Entities
      3,236         2,553                   8,489         7,345    
Fixed Charges, from below
      27,570         39,894                   103,430         116,908    
 
                                           
Earnings
      (22,359 )       29,359                   24,736         97,367    
 
                                           
Fixed Charges
                                                   
Interest Expense
      17,843         31,937                   72,326         95,685    
Capitalized Interest
      6,599         4,714                   20,191         11,404    
Amortization of Deferred Financing Costs
      1,315         1,430                   5,476         4,381    
Distrib to Series B Pfd Unitholders
      1,813         1,813                   5,437         5,438    
 
                                           
Total
      27,570         39,894                   103,430         116,908    
 
                                           
Fixed Charges & Preferred Share Distributions
                                                   
Add: Distrib-Pfd Share Series B, C, D & E
      2,539         4,550                   10,900         16,354    
 
                                           
Total
    $ 30,109       $ 44,444                 $ 114,330       $ 133,262    
 
                                           
Reconciliation of Supplemental Coverage Ratios
                                                     
      3Q07       3Q06                 YTD '07       YTD '06    
Interest Coverage Denominator
                                                   
Interest Expense
    $ 17,843       $ 31,937                 $ 72,326       $ 95,685    
Interest Expense — Unconsolidated
      7,468         6,318                   18,329         17,914    
 
                                           
Total Interest Expense
      25,311         38,255                   90,655         113,599    
 
                                           
Fixed Charge Denominator
                                                   
Add: Preferred Dividend Payments
      4,352         6,363                   16,338         21,792    
Debt Principal Amortization
      168         1,456                   2,724         4,567    
Debt Principal Amortortization — Unconsolidated
      98         129                   337         463    
 
                                           
Total Fixed Charges
      29,929         46,203                   110,054         140,421    
 
                                           
Fixed Charge w/ Capitalized Interest Denominator
                                                   
Add: Capitalized Interest
      6,599         4,714                   20,191         11,404    
 
                                           
Total Fixed Charges w/ Capitalized Interest
    $ 36,528       $ 50,917                 $ 130,245       $ 151,825    
 
                                           

-27-


 

COLONIAL PROPERTIES TRUST
Multifamily Community Table
As of September 30, 2007
Appendix
                                                                     
                                                     
            Year Built /           Apartment   Square   Occupancy   Market Rental Rates
Property   MSA   State   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       95.0 %   $ 871     $ 0.86      
CG at Berkeley Lake
  Atlanta   GA     1998       100 %     180       244       95.6 %     912       0.67     S
CG at Mount Vernon
  Atlanta   GA     1997       100 %     213       257       99.1 %     1,065       0.88     S
CG at River Oaks
  Atlanta   GA     1992       100 %     216       276       96.8 %     879       0.69     S
CG at River Plantation
  Atlanta   GA     1994       100 %     232       310       93.1 %     912       0.68     S
CG at Sugarloaf
  Atlanta   GA     2002       100 %     250       329       96.8 %     917       0.70     S
CG at McGinnis Ferry
  Atlanta   GA     1997       100 %     434       509       95.2 %     877       0.75     S
CG at Barrett Creek
  Atlanta   GA     1999       100 %     332       310       98.8 %     778       0.83     S
CG at McDaniel Farm
  Atlanta   GA     1997       100 %     424       457       91.0 %     787       0.73      
CG at Shiloh
  Atlanta   GA     2002       100 %     498       533       96.2 %     834       0.78      
CG at Pleasant Hill
  Atlanta   GA     1996       100 %     502       502       92.0 %     788       0.79      
 
Total
      11   9.6 Years             3,639       4,093       95.0 %     855       0.75      
 
Same Store
      7   10.0 Years             1,857       2,236       96.4 %     894       0.74      
 
 
                                                                   
Cunningham
  Austin   TX     2000       20 %     280       257       95.0 %     692       0.75      
Canyon Creek LP
  Austin   TX     2006       25 %     336       349     LU                
CG at Silverado
  Austin   TX     2004       100 %     238       240       95.4 %     755       0.75     S
CG at Silverado Reserve
  Austin   TX     2006       100 %     256       266       95.7 %     812       0.78      
CV at Quarry Oaks
  Austin   TX     1996       100 %     533       470       96.8 %     689       0.78     S
CV at Sierra Vista
  Austin   TX     1999       100 %     232       206       97.0 %     662       0.75     S
CG at Round Rock
  Austin   TX     2007       100 %     422       430       93.6 %     769       0.76      
CV at Canyon Hills
  Austin   TX     1995       100 %     229       183       98.7 %     671       0.84     S
 
Total
      8   5.4 Years             2,526       2,400       96.0 %     725       0.77      
 
Same Store
      4   8.5 Years             1,232       1,098       96.9 %     694       0.78      
 
 
                                                                   
The Groves at Riverchase
  Birmingham   AL     1996       20 %     345       345       93.9 %     726       0.73      
Colony Woods
  Birmingham   AL     1988       10 %     414       451       91.8 %     702       0.64      
Meadows
  Birmingham   AL     1987       10 %     400       466       95.3 %     642       0.55      
Madison
  Birmingham   AL     1985       10 %     276       249       94.9 %     576       0.65      
CV at Rocky Ridge
  Birmingham   AL     1984       15 %     226       259       98.7 %     689       0.60      
CG at Mountain Brook
  Birmingham   AL     1991       15 %     392       393       97.4 %     707       0.71      
CG at Liberty Park
  Birmingham   AL     2000       100 %     300       339       99.7 %     915       0.81     S
CV at Trussville
  Birmingham   AL     1996       100 %     376       410       92.8 %     727       0.67     S
CV at Inverness
  Birmingham   AL     1987       100 %     586       509       94.0 %     599       0.69     S
 
Total
      9   16.6 Years             3,315       3,421       95.1 %     708       0.70      
 
Same Store
      3   12.7 Years             1,262       1,258       95.0 %     712       0.71      
 
 
                                                                   
CG at Cypress Cove
  Charleston   SC     2001       100 %     264       304       94.3 %     862       0.75      
CV at Westchase
  Charleston   SC     1986       100 %     352       258       96.6 %     656       0.89     S
CV at Hampton Pointe
  Charleston   SC     1986       100 %     304       315       94.7 %     768       0.74     S
CG at Quarterdeck
  Charleston   SC     1986       100 %     230       219       98.3 %     880       0.92     S
CV at Waters Edge
  Charleston   SC     1985       100 %     204       188       95.1 %     712       0.77     S
CV at Windsor Place
  Charleston   SC     1984       100 %     224       213       96.0 %     727       0.76     S
 
Total
      6   19.0 Years             1,578       1,497       95.8 %     762       0.80      
 
Same Store
      5   21.6 Years             1,314       1,193       96.1 %     742       0.82      
 
 
                                                                   
CV at Matthews
  Charlotte   NC     1990       25 %     270       256       97.4 %     750       0.80      
CG at Mallard Creek
  Charlotte   NC     2004       100 %     252       233       94.4 %     813       0.88     S
CG at Beverly Crest
  Charlotte   NC     1996       100 %     300       279       93.3 %     747       0.80     S
CG at Mallard Lake
  Charlotte   NC     1998       100 %     302       301       95.0 %     780       0.78     S
CV at Chancellor Park
  Charlotte   NC     1999       100 %     340       326       94.4 %     730       0.76      
CG at University Center
  Charlotte   NC     2005       100 %     156       167       96.8 %     794       0.74      
CV at Meadow Creek
  Charlotte   NC     1984       100 %     250       230       94.4 %     619       0.67     S
Heatherwood
  Charlotte   NC     1980       100 %     476       439       90.1 %     584       0.63     S
CV at Charleston Place
  Charlotte   NC     1986       100 %     214       172       93.9 %     574       0.71     S
CV at Stone Point
  Charlotte   NC     1986       100 %     192       173       96.9 %     685       0.76     S
CV at Greystone
  Charlotte   NC     1999       100 %     408       387       91.9 %     641       0.68      
CG at Legacy Park
  Charlotte   NC     2001       100 %     288       301       96.2 %     751       0.72     S
CV at Timber Crest
  Charlotte   NC     1999       100 %     282       273       94.7 %     670       0.69     S
CV at South Tryon
  Charlotte   NC     2002       100 %     216       236       97.2 %     723       0.66     S
 
Total
      14   12.1 Years             3,946       3,773       94.1 %     694       0.73      
 
Same Store
      10   13.4 Years             2,772       2,637       94.2 %     690       0.73      
 

-28-


 

COLONIAL PROPERTIES TRUST
Multifamily Community Table
As of September 30, 2007
Appendix
                                                                     
                                                     
            Year Built /           Apartment   Square   Occupancy   Market Rental Rates
Property   MSA   State   Avg Age   % Own   Homes   Feet(000s)   Rate   Per Home   Per SF   S-P
Auberry at Twin Creeks
  Dallas   TX     2006       15 %     216       214       95.4 %     756       0.85      
CV at Oakbend
  Dallas   TX     1997       100 %     426       383       94.6 %     718       0.80      
Brookfield
  Dallas   TX     1986       100 %     232       166       95.3 %     532       0.74     S
Paces Cove
  Dallas   TX     1982       100 %     328       220       90.2 %     509       0.76     S
Remington Hills
  Dallas   TX     1985       100 %     362       347       93.4 %     738       0.77     S
CV at Main Park
  Dallas   TX     1984       100 %     192       180       99.0 %     727       0.77     S
Summer Tree
  Dallas   TX     1980       100 %     232       136       97.4 %     500       0.85     S
CV at Vista Ridge
  Dallas   TX     1985       100 %     300       229       98.3 %     583       0.77     S
CV at Pear Ridge
  Dallas   TX     1988       100 %     242       199       98.8 %     638       0.78     S
CG at Valley Ranch
  Dallas   TX     1995       100 %     396       462       94.7 %     1,015       0.87     S
 
Total
      10   18.2 Years             2,926       2,535       95.3 %     684       0.80      
 
Same Store
      8   21.4 Years             2,284       1,938       95.4 %     676       0.80      
 
 
                                                                   
Belterra
  Fort Worth   TX     2006       10 %     288       278       94.8 %     880       0.92      
Fairmont at Fossil Creek
  Fort Worth   TX     2005       15 %     240       223       95.4 %     815       0.88      
CG at Bear Creek
  Fort Worth   TX     1998       100 %     436       395       98.4 %     827       0.91     S
CV at Willow Creek
  Fort Worth   TX     1996       100 %     478       427       93.1 %     754       0.84      
CV at Shoal Creek
  Fort Worth   TX     1996       100 %     408       388       97.1 %     779       0.82      
CV at Bear Creek
  Fort Worth   TX     1984       100 %     120       91       100.0 %     616       0.82     S
CV at Bedford
  Fort Worth   TX     1983       100 %     238       158       95.0 %     544       0.82     S
Cottonwood Crossing
  Fort Worth   TX     1985       100 %     200       150       98.5 %     504       0.67     S
CV at Grapevine
  Fort Worth   TX     1985       100 %     450       380       97.3 %     688       0.81     S
CV at North Arlington
  Fort Worth   TX     1985       100 %     240       191       95.4 %     603       0.76     S
 
Total
      10   14.7 Years             3,098       2,681       96.5 %     703       0.83      
 
Same Store
      6   20.3 Years             1,684       1,365       97.3 %     664       0.82      
 
 
                                                                   
CG at Edgewater I
  Huntsville   AL     1995       100 %     500       541       97.4 %     719       0.66     S
CG at Madison
  Huntsville   AL     1999       100 %     336       355       99.4 %     782       0.74     S
 
Total
      2   10.0 Years             836       896       98.2 %     745       0.69      
 
Same Store
      2   10.0 Years             836       896       98.2 %     745       0.69      
 
 
                                                                   
CG at Heather Glen
  Orlando   FL     2000       100 %     448       523       98.9 %     960       0.82     S
CG at Town Park(Lake Mary)
  Orlando   FL     2002       100 %     456       564       96.7 %     1,009       0.82     S
CV at Twin Lakes
  Orlando   FL     2004       100 %     460       418       96.3 %     896       0.99     S
CG at Town Park Reserve
  Orlando   FL     2004       100 %     80       77       98.8 %     1,194       1.23     S
CG at Heathrow
  Orlando   FL     1997       100 %     312       353       98.1 %     951       0.84     S
CG at Hunter’s Creek
  Orlando   FL     1997       100 %     496       624       98.0 %     987       0.78     S
 
Total
      6   6.3 Years             2,252       2,560       97.6 %     970       0.85      
 
Same Store
      6   6.3 Years             2,252       2,560       97.6 %     970       0.85      
 
 
                                                                   
CG at Scottsdale
  Phoenix   AZ     1999       100 %     180       183       95.0 %     1,142       1.12      
CG at OldTown Scottsdale South
  Phoenix   AZ     1994       100 %     264       234       83.3 %     978       1.10      
CG at OldTown Scottsdale North
  Phoenix   AZ     1995       100 %     208       182       74.0 %     986       1.13      
CG at Inverness Commons
  Phoenix   AZ     2002       100 %     300       268       88.7 %     796       0.89      
 
Total
      4   9.5 Years             952       867       85.2 %     953       1.05      
 
 
                                                                   
CV at Cary
  Raleigh   NC     1995       20 %     319       400       99.4 %     863       0.68      
CG at Research Park (Durham)
  Raleigh   NC     2002       20 %     370       384       97.8 %     774       0.75      
CG at Arringdon
  Raleigh   NC     2003       100 %     320       311       97.5 %     760       0.78     S
CG at Patterson Place
  Raleigh   NC     1997       100 %     252       237       92.5 %     765       0.81     S
CG at Crabtree Valley
  Raleigh   NC     1997       100 %     210       210       95.2 %     727       0.73     S
CV at Highland Hills
  Raleigh   NC     1987       100 %     264       277       85.2 %     698       0.66      
Parkside at Woodlake
  Raleigh   NC     1996       100 %     266       255       94.7 %     634       0.66     S
CV at Deerfield
  Raleigh   NC     1985       100 %     204       198       95.6 %     692       0.71     S
CG at Trinity Commons
  Raleigh   NC     1999       100 %     462       484       97.6 %     741       0.71     S
 
Total
      9   11.3 Years             2,667       2,757       94.7 %     727       0.72      
 
Same Store
      6   10.8 Years             1,714       1,695       95.9 %     724       0.73      
 
 
                                                                   
Ashley Park
  Richmond   VA     1988       100 %     272       194       99.6 %     701       0.98     S
Trolley Square East & West
  Richmond   VA     1966       100 %     328       170       95.1 %     749       1.44     S
CV at Hampton Glen
  Richmond   VA     1986       100 %     232       178       97.8 %     841       1.10     S
CV at West End
  Richmond   VA     1987       100 %     224       137       97.3 %     777       1.27     S
CV at Chase Gayton
  Richmond   VA     1984       100 %     328       311       91.8 %     802       0.85     S
CV at Waterford
  Richmond   VA     1990       100 %     312       289       98.7 %     818       0.88     S
 
Total
      6   23.5 Years             1,696       1,280       96.5 %     780       1.03      
 
Same Store
      6   23.5 Years             1,696       1,280       96.5 %     780       1.03      
 
 
                                                                   
CG at Godley Station I
  Savannah   GA     2005       100 %     312       337       94.9 %     897       0.83      
CV at Greentree
  Savannah   GA     1983       100 %     194       165       94.8 %     702       0.82     S
CG at Hammocks
  Savannah   GA     1997       100 %     308       324       95.5 %     919       0.87     S
CV at Huntington
  Savannah   GA     1986       100 %     147       121       94.6 %     728       0.88     S
CV at Marsh Cove
  Savannah   GA     1983       100 %     188       197       97.9 %     771       0.73     S
 
Total
      5   16.2 Years             1,149       1,145       95.5 %     828       0.83      
 
Same Store
      4   19.8 Years             837       807       95.7 %     802       0.83      
 

-29-


 

COLONIAL PROPERTIES TRUST
Multifamily Community Table
As of September 30, 2007
Appendix
                                                                     
                                                     
            Year Built /           Apartment   Square   Occupancy   Market Rental Rates
Property   MSA   State   Avg Age   % Own   Homes   Feet(000s)   Rate   Per Home   Per SF   S-P
TOTAL PROPERTIES IN MAJOR MARKETS
      100   13.3 Years             30,580       29,903       95.2 %   $ 769     $ 0.79      
 
Same Store
      67   15.2 Years             19,740       18,962       96.1 %   $ 760     $ 0.79      
 
 
                                                                   
PROPERTIES IN OTHER MARKETS
                                                                   
 
                                                                   
Autumn Park I & II
  Greensboro   NC     2002       100 %     402       404       98.3 %   $ 737     $ 0.73     S
Arbors at Windsor Lake
  Columbia   SC     1991       10 %     228       216       95.2 %     732       0.78      
CG at Shelby Farms I
  Memphis   TN     1998       100 %     296       318       95.9 %     831       0.77     S
CG at Bellevue
  Nashville   TN     1996       100 %     349       344       98.3 %     848       0.86     S
CG at Seven Oaks
  Tampa   FL     2004       100 %     318       302       98.4 %     903       0.95     S
CG at Wilmington
  Wilmington   NC     2002       100 %     390       356       93.3 %     727       0.80     S
CG at Brentwood
  Nashville   TN     1995       25 %     254       287       97.2 %     943       0.84      
CG at Palma Sola
  Sarasota   FL     1990       25 %     340       293       93.5 %     796       0.92      
CG at Lakewood Ranch
  Sarasota   FL     1999       100 %     288       302       94.4 %     1,006       0.96     S
CV at Greenbrier
  Washington DC   VA     1988       100 %     258       218       96.5 %     923       1.09     S
CV at Pinnacle Ridge
  Asheville   NC     1948       100 %     166       147       99.4 %     665       0.75     S
CV at Huntleigh Woods
  Mobile   AL     1978       100 %     233       199       99.6 %     553       0.65     S
CV at Ashford Place
  Mobile   AL     1983       100 %     168       146       100.0 %     607       0.70     S
CV at Tradewinds
  Norfolk   VA     1988       100 %     284       280       93.7 %     868       0.88     S
CV at Mill Creek
  Winston-Salem   NC     1984       100 %     220       210       94.1 %     588       0.62     S
CV at Harbour Club
  Norfolk   VA     1988       100 %     213       193       94.8 %     919       1.01     S
Glen Eagles I & II
  Winston-Salem   NC     1993       100 %     310       314       91.0 %     665       0.66     S
Park Crossing
  Fairfield   CA     2005       10 %     200       210       96.0 %     1,194       1.14      
Portofino at Jensen Beach
  Port St. Lucie   FL     2002       100 %     118       137     LU                
Murano at Delray Beach
  West Palm Beach   FL     2002       100 %     241       259     LU                
Stone Ridge
  Columbia   SC     1972       10 %     191       199       94.8 %     609       0.58      
Trophy Chase I & II
  Charlottesville   VA     1970       100 %     425       370       89.6 %     741       0.85     S
 
                                                                   
 
TOTAL PROPERTIES IN OTHER MARKETS
      22   17.1 Years             5,892       5,701       95.4 %   $ 784     $ 0.82      
 
Same Store
      15   18.9 Years             4,320       4,100       95.4 %   $ 780     $ 0.82      
 
 
                                                                   
THIRD-PARTY MANAGED BUSINESS
                                                                   
Hawthorne Groves
  Orlando   FL             0 %     328       363                              
Hawthorne Village
  Daytona Beach   FL             0 %     378       414                              
Monte D’oro
  Birmingham   AL             0 %     200       296                              
PH Coursey Place
  Baton Rouge   LA             0 %     352       344                              
PH Rocky Ridge
  Atlanta   GA             0 %     300       347                              
 
                                                                   
 
TOTAL MANAGED
      5                     1,558       1,764                              
 
 
                                                                   
TOTAL ALL PROPERTIES
      127   14.0 Years             38,030       38,247       95.3 %   $ 772     $ 0.80      
 
Same Store
      82   15.9 Years             24,060       23,062       96.0 %   $ 764     $ 0.80      
 
Notes:
CG = Colonial Grand Apartments, Class A; CV = Colonial Village Apartments, Class B
LU = Properties in lease-up. These properties are not included in occupancies and Rental Rate subtotals.
S = Current year same-property portfolio: property has been in service for a full calendar year. Partially-owned properties are not included.

-30-


 

COLONIAL PROPERTIES TRUST
Office Property Table
As of September 30, 2007
Appendix
                                                 
                                        Base Rent    
            Year   %           Occupancy   Per    
Property   MSA   State   Built   Own   SF - 000s   Rate   Sq. Foot (1)   S-P
 
                                               
CONSOLIDATED PROPERTIES
                                               
250 Commerce Center
  Montgomery   AL   1904/81     100 %     37       97.1 %   $ 16.14     S
CC Brookwood Village
  Birmingham   AL   2007     100 %     169     LU   LU    
 
Total Consolidated
  2                     207       97.1 %     16.14      
 
 
                                               
UNCONSOLIDATED PROPERTIES
                                               
 
                                               
DRA/CRT Joint Venture
                                               
Atlanta Chamblee
  Atlanta   GA   2000     15 %     1,133       92.8 %     19.62      
Atlanta Perimeter
  Atlanta   GA   1985     15 %     182       87.2 %     18.84      
Atlantic Center Plaza
  Atlanta   GA   2001     15 %     500       96.1 %     28.86      
Baymeadows Way
  Jacksonville   FL   1999     15 %     224       100.0 %     13.62      
Broward Financial Center
  Ft.Lauderdale   FL   1986     15 %     325       71.0 %     29.39      
Charlotte University
  Charlotte   NC   1999     15 %     183       87.2 %     22.51      
Decoverly
  Rockville   MD   1989     15 %     155       84.4 %     24.68      
Germantown Center
  Memphis   TN   1999     15 %     532       87.1 %     18.96      
Jacksonville Baymeadows
  Jacksonville   FL   1999     15 %     751       82.3 %     10.21      
Jacksonville JTB
  Jacksonville   FL   2001     15 %     417       100.0 %     13.46      
McGinnis Park
  Atlanta   GA   2001     15 %     202       66.8 %     17.52      
Orlando Central
  Orlando   FL   1980     15 %     617       86.0 %     17.72      
Orlando Lake Mary
  Orlando   FL   1999     15 %     304       87.1 %     18.41      
Orlando University
  Orlando   FL   2001     15 %     385       93.3 %     19.18      
Post Oak
  Houston   TX   1982     15 %     1,196       96.2 %     18.68      
Ravinia 3
  Atlanta   GA   1991     15 %     802       82.1 %     19.02      
Signature Place
  Dallas   TX   1983/1986     15 %     437       77.5 %     18.74      
Westchase
  Houston   TX   2000     15 %     184       97.8 %     22.97      
 
Totals
  18                     8,530       88.5 %     19.10      
 
Totals (Weighted)
                        1,279       88.5 %     19.10      
 
 
                                               
DRA/CLP Joint Venture
                                               
901 Maitland
  Orlando   FL   1985     15 %     156       78.5 %     19.32      
Colonial Center at TownPark
  Orlando   FL   2001     15 %     658       98.7 %     21.36      
Colonial Center at Bayside
  Tampa   FL   1997     15 %     213       99.5 %     19.66      
Colonal Center at Colonnade
  Birmingham   AL   1989/99     15 %     419       99.7 %     21.29      
Colonial Center Blue Lake
  Birmingham   AL   1982/95     15 %     167       99.2 %     17.57      
Colonial Center Heathrow
  Orlando   FL   1988/96-00/01     15 %     922       86.4 %     19.54      
Colonial Center Lakeside
  Huntsville   AL   1989/90     15 %     122       100.0 %     14.48      
Colonial Center Research Park
  Huntsville   AL   1999     15 %     134       100.0 %     18.22      
Colonial Center Research Place
  Huntsville   AL   1979/84/88     15 %     273       100.0 %     13.00      
Colonial Place I and II
  Tampa   FL   1984/86     15 %     371       96.8 %     23.19      
Colonial Plaza
  Birmingham   AL   1982     15 %     171       84.7 %     17.94      
Colonial TownPark Office — Lifestyle
  Orlando   FL   2004     15 %     38       100.0 %     23.53      
Concourse Center
  Tampa   FL   1981/85     15 %     294       97.5 %     19.93      
DRS Building
  Huntsville   AL   1972/86/90/03     15 %     215       100.0 %     8.46      
Esplanade
  Charlotte   NC   1981     15 %     203       82.9 %     18.35      
Independence Plaza
  Birmingham   AL   1981/92     15 %     106       97.4 %     17.32      
International Park
  Birmingham   AL   1987/89     15 %     211       100.0 %     19.74      
Northrop Grumman Building
  Huntsville   AL   2007     15 %     110       100.0 %     13.73      
Perimeter Corporate Park
  Huntsville   AL   1986/89     15 %     235       98.4 %     17.49      
The Peachtree
  Atlanta   GA   1989     15 %     317       91.6 %     23.62      
Progress Center
  Huntsville   AL   1983-91     15 %     222       98.8 %     12.17      
Regions Bank Center
  Huntsville   AL   1990     15 %     155       90.8 %     19.05      
Research Park Office Center
  Huntsville   AL   1984/00     15 %     236       87.4 %     11.41      
Research Park Plaza III and IV
  Austin   TX   2001     15 %     358       100.0 %     22.20      
Riverchase Center
  Birmingham   AL   1984-88     15 %     306       92.8 %     10.54      
 
Totals
  25                     6,612       94.7 %     18.42      
 
Totals (Weighted)
                        992       94.7 %     18.42      
 

-31-


 

COLONIAL PROPERTIES TRUST
Office Property Table
As of September 30, 2007
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       99.0 %     21.22      
Lakeside & Shoppes at Mansell
  Atlanta   GA   1996/97/05     15 %     36       92.7 %     25.33      
 
Totals
  2                     689       98.7 %   $ 21.42      
 
Totals (Weighted)
                        103       98.7 %   $ 21.42      
 
 
                                               
Land Title Building
  Birmingham   AL   1975     33 %     30       100.0 %     13.65      
 
Total Unconsolidated
  45                     15,860       91.6 %   $ 18.89      
 
Total Unconsolidated (Weighted)
                        2,385                      
 
 
                                               
THIRD-PARTY MANAGED BUSINESS
                                               
International Park 2000
  Birmingham   AL         0 %     130                      
Colonial Center Heathrow 500
  Orlando   FL         0 %     76                      
 
TOTAL MANAGED
  2                     206                      
 
 
                                               
TOTAL ALL PROPERTIES
  49                     16,273       91.7 %   $ 18.85      
 
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.

-32-


 

COLONIAL PROPERTIES TRUST
Retail Property Table
As of September 30, 2007
Appendix
                                                                 
                                         
                        Square Feet (000s)           Base Rent per Sq.    
Property   MSA   State   Year Built   % Own   Total   Anchor Owned   CLP Owned   Occupancy Rate   Foot (1)   S-P
 
                                                               
CONSOLIDATED PROPERTIES
                                                               
 
                                                               
Brookwood Village
  Birmingham   AL   1973/91/00     100 %     604.0       231.9       372.1       94.6 %     18.94     S
Brookwood Convenience Center
  Birmingham   AL   1974     100 %     16.1             16.1       100.0 %     16.96     S
CP Winter Haven
  Orlando   FL   1986     100 %     161.6             161.6       92.0 %     7.79     S
CP Alabaster II
  Birmingham   AL   2007     100 %     355.2       225.9       129.3       96.1 %     16.39      
CP Fultondale
  Birmingham   AL   2007     100 %     132.8       126.8       6.0     LU   LU    
Tutwiler Pinnacle II
  Birmingham   AL   2008     100 %     30.0             30.0     LU   LU    
 
Total Consolidated
      6                 1,299.7       584.6       715.1       94.4 %     15.70      
 
 
                                                               
UNCONSOLIDATED PROPERTIES
                                                               
 
                                                               
GPT Joint Venture
                                                               
CM Bel Air
  Mobile   AL   1966/90/97     10 %     1,334.5       334.0       1,000.5       98.7 %     11.96      
CM Glynn Place
  Brunswick   GA   1986     10 %     503.9       225.6       278.3       90.5 %     12.05      
CM Greenville
  Greenville   NC   1965/89/99     10 %     450.8       45.8       405.0       95.5 %     13.03      
CM Myrtle Beach
  Myrtle Beach   SC   1986     10 %     524.1             524.1       89.1 %     10.04      
CM Valdosta
  Valdosta   GA   1982/85/06     10 %     536.3       93.7       442.5       88.7 %     11.40      
Colonial University Village
  Auburn   AL   1973/84/89/06     10 %     526.7       124.7       402.0       89.7 %     7.69      
 
Totals
      6                 3,876.3       823.8       3,052.5       93.2 %     11.13      
 
Totals (Weighted)
      6                                 305.2       93.2 %     11.13      
 
 
                                                               
OZRE Joint Venture
                                                               
CP Alabaster
  Birmingham   AL   2005     15 %     537.8       319.1       218.7       94.9 %     15.53      
CP Beechwood
  Athens   GA   1963/92/05     15 %     350.1             350.1       99.8 %     11.00      
CP Burnt Store
  Punta Gorda   FL   1990     15 %     197.1       102.1       95.0       95.6 %     10.01      
CP Hunter’s Creek
  Orlando   FL   1993/95     15 %     227.5             227.5       52.6 %     14.64      
CP Lakewood
  Jacksonville   FL   1995     15 %     194.6             194.6       96.3 %     11.82      
CP Northdale
  Tampa   FL   1988/2000     15 %     230.9       55.0       175.9       95.2 %     10.82      
CP Trussville
  Birmingham   AL   2000     15 %     388.3             388.3       99.6 %     8.76      
CP Trussville II
  Birmingham   AL   2004     15 %     282.7       224.5       58.2       91.8 %     16.09      
CS Clay
  Birmingham   AL   1982/2004     15 %     66.2             66.2       92.7 %     12.34      
Kingwood Commons
  Houston   TX   2003/2004     15 %     164.4             164.4       86.9 %     17.90      
CP at Portofino
  Houston   TX   2000     15 %     374.0             374.0       88.7 %     15.68      
 
Totals
      11                 3,013.5       700.7       2,312.9       90.7 %     12.64      
 
Totals (Weighted)
      11                                 346.9       90.7 %     12.64      
 
 
                                                               
DRA/CLP Joint Venture
                                                               
CP TownPark
  Orlando   FL   2005     15 %     199.2             199.2       93.1 %     14.69      
Colonial Shops Colonnade
  Birmingham   AL   1989/2005     15 %     125.5             125.5       95.3 %     15.92      
 
Totals
      2                 324.7             324.7       93.9 %     15.19      
 
Totals (Weighted)
      2                                 48.7       93.9 %     15.19      
 
 
                                                               
Parkway Place
  Huntsville   AL   1999     45 %     635.7       348.2       287.6       82.3 %     28.61      
CP Hoover
  Birmingham   AL   2002     10 %     380.6       215.8       164.9       92.4 %     11.87      
CP Madison
  Huntsville   AL   2000     25 %     110.7             110.7       98.6 %     10.59      
Craft Farms
  Gulf Shores   AL   2007     15 %     265.0       125.0       140.0     LU   LU    
CP Turkey Creek
  Knoxville   TN   2005     50 %     478.8             478.8       95.9 %     19.88      
 
Totals
      5                 1,870.9       688.9       1,181.9       91.9 %     19.59      
 
Totals (Weighted)
      5                                 434.0       91.7 %     21.37      
 
Total Unconsolidated
      24                 9,085.4       2,213.4       6,872.0       92.2 %     13.11      
 
Total Unconsolidated (Weighted)
      24                             1,134.8       91.9 %     15.40      
 
 
                                                               
THIRD-PARTY MANAGED BUSINESS
                                                               
Calico Corner
  Birmingham   AL         0 %     5.5                                      
Hoover Commons
  Birmingham   AL         0 %     196.8                                      
Bear Lake
  Orlando   FL         0 %     131.3                                      
CP Boulevard Square
  Pembroke Pines   FL         0 %     220.7                                      
CP Deerfield
  Deerfield Beach   FL         0 %     378.7                                      
CS College Parkway
  Ft. Myers   FL         0 %     78.9                                      
CS Pines Plaza
  Pembroke Pines   FL         0 %     68.2                                      
 
TOTAL MANAGED
      7                 1,080.1                                      
 
Total Retail Properties
      37                 11,465.3       2,798.1       7,587.1       92.4 %     13.38      
 
Total Retail Properties (Weighted)
      37                                 1,849.9       92.9 %     15.52      
 
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.

-33-


 

COLONIAL PROPERTIES TRUST
Additional Corporate Data
($ in 000s)
UNCONSOLIDATED JOINT VENTURE SUMMARY
                                                 
            Units/             Occupancy              
Property   Location       SF-000s     CLP % Own     Rate     Sec“d Debt     Equity Invest  
 
                                               
Joint Venture I
                                               
Colonial Grand at Mountain Brook
  Birmingham   AL     392       15 %     97.4 %   $ 2,955     $ 448  
 
                                               
CMS Joint Venture II
                                               
Colonial Village at Rocky Ridge
  Birmingham   AL     226       15 %     98.7 %     1,669       (412 )
 
                                               
CMS Joint Venture III
                                               
Colonial Village at Palma Sola
  Sarasota   FL     340       25 %     93.5 %     5,825       (286 )
 
                                               
CMS Joint Venture IV
                                               
Colonial Grand at Brentwood
  Nashville   TN     254       25 %     97.2 %     4,805       291  
 
                                               
DRA
                                               
Colony Woods
  Birmingham   AL     414       10 %     91.8 %                
Meadows of Brook Highland
  Birmingham   AL     400       10 %     95.3 %                
Madison at Shoal Run
  Birmingham   AL     276       10 %     94.9 %                
 
                                             
 
            1,090                       4,094       2,268  
DRA
                                               
The Grove at Riverchase
  Birmingham   AL     345       20 %     93.9 %     3,850       1,434  
Cunningham
  Austin   TX     280       20 %     95.0 %     2,800       990  
Colonial Village at Cary
  Raleigh   NC     319       20 %     99.4 %     4,320       2,165  
 
                                         
 
            944                       10,970       4,589  
Other
                                               
Colonial Grand at Research Park
  Raleigh   NC     370       20 %     97.8 %     4,673       1,222  
Colonial Grand at Huntcliff
  Atlanta   GA     358       20 %     95.0 %     5,200       2,166  
Colonial Grand at Canyon Creek (Development)
  Austin   TX     336       25 %   LU     6,330       1,220  
Regents Park (Development)
  Atlanta   GA     23       40 %   LU           6,435  
Colonial Village at Matthews
  Charlotte   NC     270       25 %     97.4 %     3,675       991  
Colonial Grand at Traditions
  Gulf Shores   AL     324       35 %   LU     5,014       1,924  
Belterra
  Fort Worth   TX     288       10 %     94.8 %     2,000       841  
Arbors at Windsor Lake
  Columbia   SC     228       10 %     95.2 %     885       574  
Stone Ridge
  Columbia   SC     191       10 %     94.8 %     496       455  
Park Crossing
  Fairfield   CA     200       10 %     96.0 %     2,588       868  
Fairmont at Fossil Creek
  Fort Worth   TX     240       15 %     95.4 %     2,573       580  
Auberry at Twin Creeks
  Dallas   TX     216       15 %     95.4 %     2,550       723  
 
                                         
 
            3,044                       35,984       17,999  
 
                                               
Total Multifamily
            6,290                       66,302       24,897  
 
                                         
 
Land Title Building
  Birmingham   AL     30       33 %     100.0 %     385       65  
Colonial Center Mansell JV
  Atlanta   GA     689       15 %     98.7 %     13,903       1,643  
DRA/CRT (1)
            8,530       15 %     88.5 %     147,554       22,558  
DRA/CLP (2)
            6,937       15 %     94.7 %     111,286       13,675  
 
                                         
 
                                               
Total Office
            16,186                       273,128       37,941  
 
                                         
GPT
                                               
Colonial Mall Bel Air
  Mobile   AL     1,334       10 %     98.7 %                
Colonial Mall Glynn Place
  Brunswick   GA     504       10 %     90.5 %                
Colonial Mall Greenville
  Greenville   NC     451       10 %     95.5 %                
Colonial Mall Myrtle Beach
  Mrytle Beach   SC     524       10 %     89.1 %                
Colonial Mall Valdosta
  Valdosta   GA     536       10 %     88.7 %                
Colonial University Village
  Auburn   AL     527       10 %     89.7 %                
 
                                             
 
            3,876                       32,292       (4,637 )(3)
Other
                                               
Parkway Place
  Huntsville   AL     636       45 %     82.3 %     26,344       10,732  
Colonial Promenade Madison
  Huntsville   AL     111       25 %     98.6 %           2,252  
Colonial Promenade Hoover
  Birmingham   AL     381       10 %     92.4 %     1,670       67  
Colonial Promenade Smyrna (Development)
  Smyrna   TN     194       50 %   LU     11,145       2,312  
Craft Farms
  Gulf Shores   AL     441       15 %   LU     6,450       1,443  
Pinnacle at Turkey Creek
  Knoxville   TN     479       50 %     95.9 %     32,500       7,412  
 
                                         
 
            2,241                       78,109       24,218  
 
                                               
OZRE (4)
            3,014       15 %     90.7 %     42,601       (5,556 )
 
                                               
Total Retail
            9,131 (5)                     153,002       14,025  
 
                                         
 
                                               
Other Unconsolidated Investments
                                          1,696  
 
                                           
Total Investments in Unconsolidated Subsidiaries
                                  $ 492,432     $ 78,559  
 
                                           
 
Notes:
 
LU = Properties in lease up.
 
(1)   As of September 30, 2007, this joint venture included 18 properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Rockville, Maryland; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas.
 
(2)   As of September 30, 2007, this joint venture included 25 office properties and 2 retail properties located in Birmingham and Huntsville, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
 
(3)   Amount includes the value of Colonial’s investment in the Joint Venture of approximately $5.6 million, offset by the excess basis difference of approximately $10.2 million, which will be amortized over the weighted average life of the investment.
 
(4)   As of September 30, 2007, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas.
 
(5)   Includes anchor-owned square footage.

-34-


 

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.
 
   
OCCUPANCY COST
PERCENT:
  Tenants’ occupancy cost as a percentage of their gross sales.
 
   
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.

-35-