BIRMINGHAM, Ala., April 1 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) ("Colonial Properties"), a real estate investment trust
(REIT) that owns a diversified portfolio of multifamily, office and retail
properties, announced the completion of the merger by Cornerstone Realty
Income Trust, Inc. (NYSE: TCR) ("Cornerstone") with and into a wholly-owed
subsidiary of Colonial Properties.  The merger became effective at 2:00 p.m.
E.S.T. this afternoon.  The combined company now owns and manages
approximately 50,000 multifamily units, making it one of the largest public
owners of Sunbelt multifamily properties.
    (Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
    Tom Lowder, Chairman & Chief Executive Officer of Colonial Properties
commented, "We are pleased to announce the successful completion of our merger
with Cornerstone.  The integration plan is complete and we are excited to
welcome the Cornerstone team to Colonial Properties. We continue to be
optimistic about the prospects for our multifamily business."
    As of the effective time of the merger, each Cornerstone common share was
converted into either the right to receive Colonial Properties common shares
or Colonial Properties Series E preferred depositary shares (which are listed
on the NYSE as CLP Pr E), depending on the election of the Cornerstone
shareholder made prior to the election deadline (which was March 30, 2005 at 5
p.m. E.S.T).  Elections were subject to the restriction that the Colonial
Properties Series E preferred depositary shares issued may not exceed
the merger agreement.


SU: TNM

CAPTION: CLPLOGO-c    Colonial Properties Trust logo. (PRNewsFoto)[AG TC]        BIRMINGHAM, AL USA    07/21/2004