Colonial Properties Trust Announces Management Changes

  Colonial Properties Trust Announces Management Changes

Business Wire

BIRMINGHAM, Ala. -- January 7, 2013

Colonial Properties Trust (NYSE: CLP) today announced that C.Reynolds
Thompson, III, has resigned from his positions as President and Chief
Financial Officer of the company, effective as of December 31, 2012. Mr.
Thompson is expected to remain with the company through January 31, 2013, to
assist with the transition of responsibilities and to enter into a consulting
arrangement to perform certain consulting services over the remainder of 2013.
The company also announced today that Bradley P. Sandidge, Executive Vice
President, Accounting, will assume responsibilities as interim Chief Financial
Officer while the company conducts a search for a permanent Chief Financial
Officer.

Mr. Thompson served as President and Chief Financial Officer of the company
from December 2008 through his resignation on December 31, 2012. Prior to his
appointment as President and Chief Financial Officer, Mr. Thompson served the
company in a number of roles since joining the company in 1997, including
Chief Executive Officer, Chief Operating Officer, Executive Vice President,
Office Division, Senior Vice President, Office Acquisitions, and as a Trustee.
Mr. Sandidge first joined the company in 2004 as Senior Vice President,
Multifamily Accounting and Finance and served in that role until January 2009.
Mr. Sandidge has served as the company’s Executive Vice President, Accounting
since January 2009.

“We greatly appreciate the many contributions that Reynolds has made to our
company and thank him for his 15 years of dedicated service,” said Thomas H.
Lowder, Chairman of the Board and Chief Executive Officer of the company. “We
are confident in Mr. Sandidge’s ability to assume this increased role and to
support our company as we transition to a new Chief Financial Officer.”

Safe Harbor Statement

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of
1995: Estimates of future earnings are, by definition, and certain other
statements in this press release, including statements regarding future
dispositions and developments, development costs, credit ratings, operating
performance outlook and other business fundamentals, may constitute
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995 and involve known and unknown risks,
uncertainties and other factors that may cause the company’s actual results,
performance, achievements or transactions to be materially different from the
results, performance, achievements or transactions expressed or implied by the
forward looking statements. Factors that impact such forward looking
statements include, among others, changes in national, regional and local
economic conditions, which may be negatively impacted by concerns about
inflation, deflation, government deficits (including the European sovereign
debt crisis), high unemployment rates, decreased consumer confidence and
liquidity concerns, particularly in markets in which we have a high
concentration of properties; exposure, as a multifamily focused REIT, to risks
inherent in investments in a single industry; ability to obtain financing on
favorable rates, if at all; performance of affiliates or companies in which we
have made investments; changes in operating costs; higher than expected
construction costs; uncertainties associated with the timing and amount of
real estate disposition and the resulting gains/losses associated with such
dispositions; legislative or regulatory decisions; the company’s ability to
continue to maintain our status as a REIT for federal income tax purposes;
price volatility, dislocations and liquidity disruptions in the financial
markets and the resulting impact on availability of financing; the effect of
any rating agency action on the cost and availability of new debt financings;
level and volatility of interest rates or capital market conditions; effect of
any terrorist activity or other heightened geopolitical crisis; or other
factors affecting the real estate industry generally.

Except as otherwise required by the federal securities laws, the company
assumes no responsibility to update the information in this press release.

The company refers you to the documents filed by the company from time to time
with the Securities and Exchange Commission, specifically the section titled
“Risk Factors” in the company’s Annual Report on Form 10-K for the year ended
December31, 2011, as may be updated or supplemented in the company’s Form
10-Q filings, which discuss these and other factors that could adversely
affect the company’s results.

Contact:

Colonial Properties Trust
Jerry A. Brewer, 1-800-645-3917
Executive Vice President, Finance
 
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