Colonial Properties Trust Acquires Class A Apartment Community in Orlando

  Colonial Properties Trust Acquires Class A Apartment Community in Orlando

Business Wire

BIRMINGHAM, Ala. -- March 4, 2013

Colonial Properties Trust (NYSE: CLP), today announced the purchase of the
280-unit Colonial Grand at Windermere (formerly Altis at Lakes of Windermere)
located in Orlando, Florida for $43.0 million.

Colonial Grand at Windermere is a Class A garden-style apartment community
located in the superior Orlando submarket of Windermere. The community
amenities include a social clubroom with cyber cafe, media and billiard room,
resort style pool, fitness center, movie theatre, outdoor wet bar, fireplace
and grill area. The apartment community was built in 2009, 96 percent occupied
at the time of acquisition, and has an average monthly rent of $1,158 per
unit. The acquisition was funded with proceeds from the sale of apartment
communities that occurred in 2012 and borrowings under our unsecured credit
facility.

Colonial Properties Trust is a multifamily focused real estate investment
trust (REIT) that is engaged in the ownership, development, acquisition and
management of quality real estate properties in the Sunbelt region of the
United States. As of December 31, 2012, the Company owns interests in 115
apartment properties containing 34,497 apartment homes and 2.5 million square
feet of commercial space. Headquartered in Birmingham, Alabama, Colonial
Properties Trust is listed on the New York Stock Exchange under the symbol CLP
and is included in the S&P SmallCap 600 index. For more information, please
visit the Company’s website at www.colonialprop.com.

Contact:

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