Colonial Properties Trust (NYSE: CLP) today announced that its operating partnership, Colonial Realty Limited Partnership (CRLP), has entered into a new $500 million unsecured revolving credit facility with a syndicate of banks. The unsecured revolving credit facility has an initial four-year term maturing in March 2016, with a one-year extension option. The new credit facility replaces CRLP’s prior $675 million unsecured revolving credit facility, which was scheduled to mature in June 2012. CRLP borrowed $210 million under the new unsecured revolving credit facility at closing. The unsecured revolving credit facility has a stated interest rate of London Interbank Offered Rate (LIBOR) plus a margin of 1.40% and requires the payment of an annual facility fee currently equal to 0.30% of the aggregate loan commitments. The unsecured revolving credit facility provides for the interest rate margin and facility fee to be adjusted up or down within stated ranges based on changes in the credit ratings of CRLP’s senior unsecured debt. The unsecured revolving credit facility contains customary representations, financial and other affirmative and negative covenants, events of defaults and remedies. Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated served as Joint Lead Arrangers and Joint Bookrunners. Wells Fargo Bank, National Association serves as the Administrative Agent; Bank of America, N.A. serves as the Syndication Agent; and Citibank, N.A., PNC Bank, National Association and U.S. Bank, National Association all serve as Documentation Agents. Branch Banking & Trust Company and JPMorgan Chase Bank, N.A. serve as Managing Agents. Other lenders involved in the transaction include Comerica Bank, Synovus Bank and Union Bank N.A. Additional information regarding the unsecured revolving credit facility can be found in CLP’s Form 8-K filed with the Securities and Exchange Commission on April 5, 2012. Colonial Properties Trust is a real estate investment trust (REIT) that creates value for its shareholders through a multifamily focused portfolio and the management and development of select commercial assets in the Sunbelt region of the United States. As of December 31, 2011, the company owned or managed 35,167 apartment units and 10.7 million square feet of commercial space. Headquartered in Birmingham, Alabama, Colonial Properties 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. Safe Harbor Statement “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release 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 December 31, 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.