NAREIT Annual Convention

November 2009
 Forward Looking Statements
Estimates of future earnings are, by definition, and certain other statements in this presentation 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. Certain statements in this presentation 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 include, among others, real estate
conditions and markets; performance of affiliates or companies in which we have made investments;
legislative or regulatory decisions; our ability to continue to maintain our status as a REIT for federal
income tax purposes; the effect of any rating agency action; 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 presentation.

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 December 31, 2008, 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.

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 Company Overview

High Quality Multifamily Portfolio

 33,938 apartment homes
Core NOI
 112 apartment communities
Current: 75%
 94.4% Occupancy
Target: 90%  Average age: 14 years
 Diversified in high-growth Sunbelt markets

Ancillary Joint Venture/Commercial Portfolio

Ancillary NOI
Income  15.7 million office square feet (0.5MM wholly owned)
Current: 25%
 4.2 million retail square feet (1.0MM wholly owned)
Target:- 20%
10% 10%  Minority ownership from 5% to 50%

NOTE: Property statistics as of 9/30/09. Multifamily and Commercial portfolios do not include third-party managed business.

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 Core Portfolio Statistics
 Two distinct brands that appeal to both “A” and “B” renters

 Colonial Grand
 Properties: 53
 Units: 16,679
 Avg Monthly Rent: $811
 Class “A”

 Colonial Village
 Properties: 45
 Units: 12,756
 Avg Monthly Rent: $711
 Class “B”

NOTE: In addition 4,503 non-branded units are either wholly-owned or held in joint ventures

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 Company Strategy
 Continue to strengthen balance sheet

 Grow internal core NOI

 Simplify business structure

 Non-core asset sales

 Reduce exposure to joint ventures

 Position company for multifamily investments

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 Geographic Diversity
85+% of Multifamily 3Q 2009 NOI to
be Generated from Top Quartile
3Q 2009 Multifamily NOI %
Sunbelt Markets
Charlotte, NC 14.3%
Dallas/Fort Worth, TX 12.1%
Atlanta, GA 11.2%
Washington, DC
Austin, TX 8.9%
Richmond Orlando, FL 7.2%
Norfolk Raleigh-Durham, NC 6.6%
Las Vegas Raleigh-Durham Richmond, VA 5.6%
Nashville Charlotte Charleston, SC 5.0%
Birmingham, AL 4.3%
Birmingham
Phoenix Atlanta Charleston Phoenix, AZ 3.3%
Dallas/Ft Worth
Nashville, TN 1.6%
Norfolk, VA 1.5%
Austin
Tampa, FL 1.4%
Orlando Sarasota, FL 1.3%
Tampa Washington, DC 1.2%
Sarasota Las Vegas, NV 0.5%

 High-growth Sunbelt markets exhibit strong long-term demographics

 Portfolio diversified in over 20 Sunbelt markets
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 Geographic Demand
 CLP markets expected to experience outsized growth in both apartment
absorption and apartment renting households

Percentage Change in Apartment-Renting Cumulative Percent Change in Apartment Absorption

Households (2009–13) (relative to PPR54 Change) (2009Q2 - 2013Q4)

> 7% 2.5 % - 5 %
>7.5% 4-5%
6% - 7% 0% - 2.5%
3-4%
5.5-7.5% <0%
5% - 6%
2-3%
5-5.5% 0-2%
<0

Source: Moody’s Economy.com *As of 09Q2 Source: PPR *As of 09Q2

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 2009 Initiatives
1)
1 Strengthen the Balance Sheet

2)
2 Improve Liquidity

3)
3 Address Near Term Maturities

4)
4 Reduce G&A Expenses

5)
5 Postpone/Phase Developments

Progress to Date (thru 3Q09)

 $78.5MM non-core asset sales
 Repurchased $579.2MM unsecured notes
at a 10.4% discount and recognized
$54.8MM in net gains
 Obtained $506MM of 10-year secured
financing (5.81% Avg Int Rate)
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 Successfully issued $152.3MM of net
equity through ATM and follow-on
offering
 Reduced quarterly dividend to
$0.15/share – retains ~$80MM annually
 Annual reduction in G&A by $7MM
 Reduced development spending
($10MM remaining on active projects)
NYSE: CLP
 2009 Initiatives
 Deleveraging through a Measured Approach

($ in millions)

Completed Initiatives
2009 YTD Bond Discounts $ 54.8
Retained Capital from Reduced Dividend ($1.40 per share annualized) 80.5
Non-Revenue Producing Asset Sales 47.8
Savings from Overhead Reductions 15.0
Follow-On Equity Offering 109.8
Continuous Equity Offering Program 42.6
Ongoing Initiatives
Additional Non-Revenue Producing Asset Sales (2009/2010) 25.0
Total Capital Retained/Raised $ 375.5

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 Pro-forma Debt Maturity
 Staggered maturity schedule with balanced maturities through 2012
$800

$700 $59

$600

$500

$400 $584

$300 $164 $12

$279 $41
$200
$166 $8
$100 $6 $7 $200 $193
$23 $80 $99 $95
$44 $57
$-
2009 2010 2011 2012 2013 2014 2015 Thereafter

Unsecured Consolidated Secured Unconsolidated Secured LOC

(1) Debt maturities as of 9/30/09, and include the Company’s unsecured line of credit that matures in June 2012
(2) Unconsolidated debt represents Company’s pro-rata share
(3) Values represented in millions

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 Debt Structure

Unsecured/Secured Fixed/Floating

Floating (LOC)
13%

Unsecured
(Other) Floating (Other)
36% Fixed 6%
Secured 81%
51%

Unsecured
(LOC)
13%

Avg Wtd Avg Wtd

$$ Interest Rate Maturity $$ Interest Rate Maturity
Unsecured LOC $ 279.0 1.3% 2.7 yr Fixed $ 1,704.5 5.9% 6.2 yr
Unsecured Other 768.9 6.1% 4.5 yr Floating - LOC 279.0 1.3% 2.7 yr
Secured 1,070.8 5.3% 6.8 yr Floating - Other 135.2 1.9% 1.3 yr
$ 2,118.7 5.1% 5.4 yr $ 2,118.7 5.1% 5.4 yr

 $675MM unsecured line of credit matures in June 2012

NOTE: Represents the debt balances as of 9/30/09. Includes the company’s pro-rata portion of joint venture debt.

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 Company Highlights
 High Quality Multifamily Portfolio
 85% of NOI from high-growth Sunbelt markets
 Portfolio with an average age of 14 years
 Maintained strong occupancy levels

 Well-Laddered Debt Maturity Schedule

 Strong Liquidity Position

 Experienced Management Team

 Favorable Long-Term Demographic Trends

 Echo-boom population
 Job growth

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 2009 Guidance
 FFO per share: $1.98 - $2.10
 Operating FFO per share: $1.03 - $1.13
 Multifamily Same-Property NOI: (6.50%) – (7.25%)
 Revenue: (3.00%) to (3.25%)
 Expenses: 2.75% to 3.25%
 Bond/Preferred Gains: $0.88 - $0.89 per share
 Corporate G&A: $16 - $18 million
 Transaction Gains: $0.07 - $0.08 per share

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 APPENDIX

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 Same-Property Performance
CLP SS NOI % and Employment % - 1999 to FY 2009

Same Store NOI %

Employment Growth – CLP Markets

5.2% 5.0% 5.2%

3.9% 4.4%
3.4%
3.0%
2.7%

(3.9)%
(6.50)%

(6.8)%
(7.25)%
FY 99 FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09E

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 Expected Employment Growth
10%
Y/Y Job Growth

8%

6%

4%

2%

0%

(2%)

(4%)

(6%)
1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

CLP Weighted Average PPR54 Average

Sources: Moody's Economy.com, BLS, PPR As Of: 09Q2

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 Expected Population Growth
Y/Y Population Growth
3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%
1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
CLP Weighted Average PPR54 Average
Source: Moody's Economy.com, PPR

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 Echo Boomer Population Growth
 Echo Boomers are a key demand driver for apartment rentals

National Population Aged 20-34 (in millions)

70

65

60

55
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010E 2012E 2014E 2016E 2018E 2020E

Source: Woods & Poole Economics

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 Supply Risk Less Prevalent
Average Annual Supply Growth
4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%
Raleigh Phoenix Orlando Charlotte Austin Dallas Atlanta Richmond
Historical Average (1990-08) Forecast Average (2009-13)
Source: PPR

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 Net Asset Value
 Current share price represents a significant discount to NAV

Cap Rate NOI Growth

Multifamily Commercial -6.50%

7.00% 9.00% $16.09

7.50% 9.50% $13.11

Consensus NAV: $15.14

Source: SNL Street Consensus

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 Reconciliations

2009 Guidance
Low High
Fully diluted EPS before minority interest $ 0.11 $ 0.28

Plus: Real estate depreciation and amortization $ 1.87 $ 1.87

Less: Gains on sale of assets - $ (0.05)

Fully diluted FFO per share $ 1.98 $ 2.10

Less: Gain on sale of development

properties and land (0.07) (0.08)

Gain on bond or preferred stock repurchases (0.88) (0.89)

Operating FFO per share $ 1.03 $ 1.13

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 PPR Disclosure
The modeling, calculations, forecasts, projections, evaluations, analyses, simulations, or other forward-looking information prepared by Property and Portfolio
Research, Inc. (PPR) and presented herein (the “PPR Materials”) are based on various assumptions concerning future events and circumstances, including
Colonial Properties Trust’s (CLP) internal estimates, all of which are uncertain and subject to change without notice. You should not rely upon the PPR Materials
as predictions of future results or events because these statements are based on assumptions that may not come true and are speculative by their nature. There
are important factors that could cause actual results of the Company and actual events to differ materially from those expressed or implied by the PPR Materials.
CLP will have limited or no control over these factors and PPR will have no control over these factors.

PPR assumed and relied upon, without independent verification, the accuracy and completeness of the financial and other information and data publicly available
or provided to it by the Company, and PPR relied upon the assurance of the Company’s management that they were not aware of any facts or circumstances that
would make such information or data inaccurate or misleading in any material respect. PPR also assumed that any internal estimates or projections provided by
the Company were reasonably prepared by the Company on a basis reflecting the best currently available estimates and good faith judgment of the Company’s
management.

PPR does not represent, warrant or guaranty the accuracy or completeness of the PPR Materials and shall not be held responsible for any errors in any PPR
Materials. PPR has no obligation to update any of the PPR Materials included in this document, Any user of any such PPR Materials accepts them “AS IS”
WITHOUT ANY WARRANTIES WHATSOEVER, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF
MERCHANTABILITY, NON-INFRINGEMENT, TITLE AND FITNESS FOR ANY PARTICULAR PURPOSE. UNDER NO CIRCUMSTANCES SHALL PPR OR
ANY OF ITS AFFILIATES, OR ANY OF THEIR DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, BE LIABLE FOR ANY INDIRECT, INCIDENTAL OR
CONSEQUENTIAL DAMAGES WHATSOEVER ARISING OUT OF THE PPR MATERIALS, EVEN IF PPR OR ANY OF ITS AFFILIATES HAS BEEN ADVISED
AS TO THE POSSIBILITY OF SUCH DAMAGES.

In addition, certain market and industry data used herein has been obtained from independent, third party publications and sources, including PPR. All such data
speaks only as of the date referenced with respect to such data and may have changed since such date, which changes may be material. You should not
construe any of the PPR Materials as investment, tax, accounting or legal advice.

The PPR Materials do not purport to contain all the information that may be required to evaluate the business and prospects of CLP or any purchase or sale of
CLP’s securities. Any potential investor should conduct his, her or its own independent investigation and analysis of the merits and risks of an investment in
CLP’s securities.

As with any financial investment, investing in the CLP security involves substantial risk. PPR does not warrant, assure, represent or guarantee any return on any
investment in CLP. The user of any such PPR Materials accepts full responsibility for his, her or its own investment decisions and for the consequences of those
decisions.

PPR DOES NOT SPONSOR, ENDORSE, OFFER OR PROMOTE AN INVESTMENT IN THE CLP SECURITY, NOR DOES IT MAKE ANY REPRESENTATION
OR WARRANTY, EXPRESS OR IMPLIED, REGARDING THE ADVISABILITY OF SUCH AN INVESTMENT OR THE LEGALITY OF SUCH AN INVESTMENT
UNDER APPLICABLE LAWS.

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