Colonial Properties Trust Announces Tax Status of 2004 Dividends

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Colonial Properties Trust Announces Tax Status of 2004 Dividends
    BIRMINGHAM, Ala., Jan. 18 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) announced today the final income tax status of its
distributions paid during 2004 on each share of Colonial Properties' common
shares and preferred shares of beneficial interest.

    Common Shares (CUSIP # 195872106)
    As shown below, Colonial Properties paid a total dividend of $2.68 per
common share during the year through four quarterly distributions of $0.67 per
share.  Colonial Properties did not incur any foreign taxes.

       Ex-      Record   Payable   Distri-  Ordinary   25%      15%    Return
    Dividend     Date     Date     bution    Income   Capital  Capital  of
      Date                          Per                Gain     Gain   Capital
                                   Share
     02/03/04  02/05/04  02/12/04  $0.67   $0.3557  $0.0010  $0.0101  $0.3032

     04/29/04  05/03/04  05/10/04  $0.67   $0.3557  $0.0010  $0.0101  $0.3032

     07/28/04  07/30/04  08/06/04  $0.67   $0.3557  $0.0010  $0.0101  $0.3032

     10/27/04  10/29/04  11/05/04  $0.67   $0.3557  $0.0010  $0.0101  $0.3032

                                   $2.680  $1.4228  $0.0040  $0.0404  $1.2128
                                           53.09%    0.14%    1.51%   45.26%

    Preferred Series C (CUSIP # 195872304)
    Colonial Properties paid a dividend of $2.3124 per preferred share during
2004 through four distributions of $0.5781.

        Ex-      Record    Payable    Distri-   Ordinary    25%        15%
     Dividend     Date      Date      bution    Income     Capital   Capital
       Date                           Per                   Gain       Gain
                                      Share
     03/11/04   03/15/04  03/31/04   $0.5781    $0.5607   $0.0014    $0.0160

     06/11/04   06/15/04  06/30/04   $0.5781    $0.5607   $0.0014    $0.0160

     09/13/04   09/15/04  09/30/04   $0.5781    $0.5607   $0.0014    $0.0160

     12/13/04   12/15/04  12/30/04   $0.5781    $0.5607   $0.0014    $0.0160

                                     $2.3124    $2.2428   $0.0056    $0.0640
                                                 96.99%    0.25%      2.76%

    Preferred Series D (CUSIP # 195872403/195872502)
    Colonial Properties paid a dividend of $2.0312 per preferred share during
2004 through four distributions of $0.5078.

        Ex-      Record    Payable    Distri-   Ordinary    25%        15%
     Dividend     Date      Date      bution    Income     Capital   Capital
       Date                           Per                   Gain       Gain
                                      Share
      1/13/04   01/15/04  01/30/04   $0.5078    $0.4925   $0.0013    $0.0140

     04/13/04   04/15/04  04/30/04   $0.5078    $0.4925   $0.0013    $0.0140

     07/13/04   07/15/04  07/30/04   $0.5078    $0.4925   $0.0013    $0.0140

     10/13/04   10/15/04  10/29/04   $0.5078    $0.4925   $0.0013    $0.0140
                                     $2.0312    $1.9700   $0.0052    $0.0560
                                                96.99%     0.25%      2.76%

    Colonial Properties Trust is a diversified REIT that, through its
subsidiaries, owns a portfolio of multifamily, office and retail properties
where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North
Carolina, South Carolina, Tennessee, Texas and Virginia. Colonial Properties
Trust performs development, acquisition, management, leasing and brokerage
services for its portfolio and properties owned by third parties.  Colonial
Properties Trust is a diversified REIT, which has a total market
capitalization of $3.7 billion. The foundation of Colonial Properties' success
is its live, work and shop diversified investment strategy.  The Company
manages or leases 28,453 apartment units, 6.8 million square feet of office
space and 15.6 million square feet of retail shopping space.  Additional
information on Colonial Properties Trust is available on the Internet at
http://www.colonialprop.com.  The Company, headquartered in Birmingham, Ala.,
is listed on the New York Stock Exchange under the symbol "CLP" and is
included in the S&P SmallCap 600 Index.
SOURCE Colonial Properties Trust
http://www.colonialprop.com
CONTACT:
Barbara M. Pooley, Senior Vice President,
Investor Relations, 1-800-645-3917, for Colonial Properties Trust