A reconciliation of net income/loss available to common shareholders to FFO is included in the financial tables accompanying this press release.

The Company has filed a Form 8-K/A with the Securities and Exchange Commission that contains the Company’s adjusted financial statements for the quarter and year ended December 31, 2012, which is also attached to this press release. A copy of this Form 8-K/A and a revised Supplemental Financial Highlights for the quarter and year ended December 31, 2012 can also be found on the Company’s website at www.colonialprop.com.

Colonial Properties Trust is a real estate investment trust (REIT) that creates value for its shareholders through a multifamily portfolio and the management and development of select commercial assets in the Sunbelt region of the United States. As of December 31, 2012, the Company owned, had partial ownership in or managed 34,497 apartment units and 2.5 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.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures in this press release. The non-GAAP financial measures include FFO. The definition of this non-GAAP financial measure is summarized below. The Company believes that this measure is helpful to investors in measuring financial performance and comparing such performance to other REITs.

FFO, as defined by the National Association of Real Estate Investment Trusts (NAREIT), means income (loss) before non-controlling interest (determined in accordance with GAAP), excluding gains (losses) from sales of depreciated property and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized measure in the Company's industry and is presented to assist investors in analyzing the Company's performance. 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 amortization, gains (or losses) from sales of properties and impairment write-downs of depreciable real estate (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.

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