NAREIT Conference. June 2005

Transcription

1 NAREIT Conference June 2005

2 Forward Looking Statements "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information contained herein, these supplemental financial highlights contain forward-looking statements regarding Company and property performance, and are based on the Company's current expectations and judgment. Actual results could vary materially depending on risks and uncertainties inherent to general and local real estate conditions, competitive factors specific to markets in which the Company operates, legislative or other regulatory decisions, future interest rate levels or capital markets conditions. The Company assumes no liability to update this information. For more details, please refer to the Company's SEC filings, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. 2

3 Overview Colonial Properties Trust (NYSE: CLP) Diversified REIT Multifamily, Office, Retail Public company since 1993 annualized return of 12.7% Total market cap ~ $5.2 billion Investment grade rating with stable outlook (BBB-/Baa3) Current dividend yield ~ 6.5% Current Statistics 2004 EPS: $1.45 (+12.4%) 2004 FFO/share: $3.64 (+ 5.5%) 2004 Year-End Stock Price: $ /1/05 Stock Price: $ FFO Multiple: 11.4x 2005E FFO Multiple: 11.2x Key Initiatives Deliver results from successful integration of Cornerstone Reposition retail portfolio from regional malls to shopping centers / lifestyle centers Meet targeted balance sheet objectives 3

4 Overview 2004 Net Operating Income 2005E Net Operating Income Office 27% Malls 31% Office 22% Malls 17% Multifamily 29% Shopping Centers 13% Shifting Product Mix Toward Multifamily Multifamily 44% Shopping Centers 17% TX 4.5% GA 17.9% NC 4.3% SC 3.4% VA 0.9% FL 26.1% AZ 0.1% NV 0.1% Other 1.4% AL 41.2% Geographic Diversification SC 5.0% NC 12.1% TX 12.9% VA 5.3% AZ 1.2% GA 15.1% NV 0.3% NM 0.4% Other 1.0% AL 27.0% FL 19.6% 4

5 Geographic Focus Objective: 75% Net Operating Income (NOI) from top 25% Sunbelt MSAs Increased from 50% to 70% following the TCR merger Multiple Property Types Multifamily Office Retail 5

6 Geographic Focus 1st Quartile 2005 Rank 2004 Rank MSA % of 2005E NOI 1 1 Phoenix-Mesa-Scottsdale, AZ 0.3% 2 2 Dallas-Fort Worth-Arlington, TX 6.7% 3 3 Las Vegas - Paradise, NV 0.3% 4 4 Austin-Round Rock, TX 2.1% 5 5 Atlanta-Sandy Springs-Marietta, GA 8.3% 6 6 Houston-Baytown-Sugar Land, TX 1.8% 7 7 Sarasota-Bradenton-Venice, FL 1.0% 8 8 Washington-Arlington-Alexandria, DC-VA-MD-WV Orlando, FL 13.9% 10 9 Miami-Fort Lauderdale-Miami Beach, FL 2.2% San Antonio, TX 0.7% Raleigh-Cary, NC 2.1% Charlotte-Gastonia-Concord, NC-SC 2.8% Nashville-Davidson-Murfreesboro, TN 0.2% Tampa-St. Petersburg-Clearwater, FL 4.2% Jacksonville, FL 0.6% Naples-Marco Island, FL Cape Coral-Fort Meyers, FL 0.3% Memphis, TN-MS-AR Virginia Beach-Norfolk-Newport News, VA-NC 1.6% Albuquerque, NM 0.4% 22 Reno-Sparks, NV Richmond, VA 2.1% Tucson, AZ 0.3% Louisville, KY-IN Fayetteville-Springdale-Rodgers, AR-MO Birmingham-Hoover, AL 14.2% Port St. Lucie-Fort Pierce, FL Columbia, SC Baton Rouge, LA Durham, NC 1.5% Charleston-North Charleston, SC 1.8% Little Rock-North Little Rock, AR Knoxville, TN 0.1% McAllen-Edinburg-Pharr, TX Jackson, MS 0.9% Greenville, SC 0.4% Rank Rank 2nd Quartile 3rd Quartile 4th Quartile MSA Rank Rank MSA Rank Rank Laredo, TX College Station-Bryan, TX Tuscaloosa, AL Tallahassee, FL Gainesville, FL Houma-Bayou Cane-Thibodaux, LA New Orleans-Metairie-Kenner, LA Ocala, FL Hattiesburg, MS Wilmington, NC Farmington, NM Macon, GA Winston-Salem, NC Greenville, NC Morristown, TN Pensacola-Ferry Pass-Brent, FL Shreveport-Bossier City, LA Auburn-Opelika, AL Lexington-Fayette, KY Waco, TX Hot Springs, AR Fort Walton Beach-Destin, FL Athens-Clarke County, GA Valdosta, GA El Paso, TX 83 Carson City, NV Alexandria, LA Huntsville, AL Longview, TX Kingsport-Briston, TN-VA Palm Bay-Melbourne-Titusville, FL Panama City-Lynn Haven, FL Texarkana, TX Lakeland-Winter Haven, FL Warner Robins, GA Pascagoula, MS Greensboro-High Point, NC Yuma, AZ Jacksonville, NC Flagstaff, AZ Las Cruces, NM Rocky Mount, NC Lafayette, LA Winchester, VA-WV Albany, GA Santa Fe, NM Jackson, TN Rome, GA Killeen-Temple-Fort Hood, TX Johnson City, TN Sherman-Denison, TX Asheville, NC Hickory-Morganton-Lenoir, NC Abilene, TX Myrtle Beach, SC Beaumont-Port Arthur, TX Elizabethtown, KY Montgomery, AL Amarillo, TX Dothan, AL Chattanooga, TN-GA Harrisonburg, VA Owensboro, KY Punta Gorda, FL Lubbock, TX Cleveland, TN Augusta-Richmond County, GA Anderson, SC Wichita Falls, TX Prescott, AZ Spartanburg, SC Blacksburg-Radford, VA Tyler, TX Columbus, GA-AL Jonesboro, AR Charlottesville, VA Dalton, GA San Angelo, TX Brownsville-Harlingen, TX Victoria, TX Bristol, VA Fayetteville, NC Florence, SC Florence, AL Gulfport-Biloxi, MS Midland, TX Odessa, TX Vero Beach, FL Lynchburg, VA Sumter, SC Corppus Christi, TX Bowling Green, KY Goldsboro, NC Clarksville, TN-KY Lake Charles, LA Hinesville-Fort Stewart, GA Savannah, GA Brunswick, GA Pine Bluff, AR Fort Smith, AR-OK Burlington, NC Gadsden, AL Roanoks, VA 110 Decatur, AL Anniston0Oxford, AL Daytona Beach-Ormond Beach, FL Mobile, AL Danville, VA Gainesville, GA Monroe, LA MSA TOTAL 70.8% 6

7 Portfolio Characteristics Multifamily Portfolio Currently manage 49,300 units 40 cities in 13 states 94.6% Occupancy ($ in thousands) 1Q Q Q Q 2004 FY Q Q05 vs. 1Q04 Growth Total Division NOI $ 16,175 $ 17,722 $ 19,009 $ 22,391 $ 75,297 $ 23, % Same-Property Statistics: Revenue $ 21,211 $ 21,668 $ 22,235 $ 22,457 $ 87,570 $ 22, % Net Operating Income 12,941 13,383 13,454 14,019 53,797 13, % Physical Occupancy 95.4% 96.6% 96.2% 95.3% 95.3% 96.6% 1.2% Rent per Unit $ 800 $ 805 $ 814 $ 813 $ 813 $ % Colonial Grand at Hunter s Creek Orlando, Florida Colonial Grand at Promenade Montgomery, Alabama 7

8 Portfolio Characteristics Current CLP Multifamily Portfolio (excluding TCR) # of Properties by State Property Branding Properties # of Units AL FL MS TN LA AZ NV NM NC SC GA TX Colonial Grand 32 10, Colonial Village 18 5, Minority Interest / Managed 35 9, Totals 85 26, Former TCR Portfolio # of Properties by State Property Plan Properties # of Units Age (years) VA NC SC GA TX Branded as Colonial Grand 9 3, Branded as Colonial Village 31 8, Unbranded 23 5, To Be Sold 24 6, Totals 87 23,

9 Market Fundamentals Multifamily Market Occupancy and Effective Rental Rate Growth Annual Effective Rental Revenue Impact (1Q 2004 to 1Q 2005) Market Sample Size (Units) Occupancy Rate Effective Rental Rate Growth Occupancy Change Effective Rental Revenue Impact Orlando 19, % 9.1% 3.1% 12.2% 1 Jacksonville 8, % 5.1% 0.7% 5.9% 2 Orange Co. 16, % 4.9% 0.6% 5.5% 3 Austin 16, % 1.1% 2.5% 3.6% 4 Charlotte 16, % 2.2% 0.6% 2.9% 5 Raleigh 16, % 1.8% -0.4% 1.4% 6 Ft. Worth 13, % 0.0% 1.3% 1.3% 7 Dallas 37, % 0.2% 0.9% 1.0% 8 Memphis 7, % -1.1% 0.7% -0.4% 9 Charleston 3, % 1.1% -1.6% -0.5% 10 Atlanta 40, % -1.7% 0.1% -1.5% 11 Savannah 1, % -2.0% -5.7% -7.7% 12 Source: AXIOMETRICS INC. Rank 9

10 Cornerstone Performance DALLAS, TX - Annual Effective Rental Revenue Impact (1Q 2004 to 1Q 2005) Company Sample Size (Units) Occupancy Rate Effective Rental Rate Growth Occupancy Change Effective Rental Revenue Impact Cornerstone 3, % 0.0% 7.1% 7.1% 1 AIMCO 4, % 4.6% 1.3% 5.9% 2 Equity Residential 7, % 1.8% 2.0% 3.8% 3 Camden 6, % 1.9% -1.0% 0.9% 4 United Dominion 5, % -1.4% -0.4% -1.8% 5 AMLI 5, % -1.6% -0.9% -2.5% 6 Archstone % -3.3% 0.5% -2.7% 7 Mid-America 1, % -2.9% -0.1% -3.0% 8 Gables 1, % -3.8% 0.1% -3.7% 9 Post Properties % -11.0% -4.7% -15.7% 10 REIT Total / Wtd. Avg. 37, % 0.2% 0.9% 1.0% Source: AXIOMETRICS INC. Rank TCR Portfolio Same-Property NOI TCR Texas Same-Property NOI $90.0 $84.2 $35.0 $32.4 $80.0 $70.0 $ % decline $72.1 $68.4 $ % decline $27.9 $27.6 $25.0 $60.0 $22.8 $ E $ E Note: Statistics represent the net operating income of those properties that have been owned by Cornerstone since 1/1/01. 10

11 Potential Improvements Operating improvements will enhance value of the Cornerstone assets Physical occupancy of 93.4% for Cornerstone properties, compared with 96.4% for CLP s multifamily properties Several areas identified to improve the efficiency of the Cornerstone assets Insurance $65 Salaries $89 Advertising / Promotions $41 Water / Sewer Income $42 Month-to-Month Fees $13 Cable Income $20 Bad Debt Recovery $15 Model Apartments $15 Employee Concessions $7 Loss to Old Lease $85 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $ / unit 11

12 Property Pictures Colonial Grand at Heather Glen Orlando, Florida Colonial Village at Haverhill San Antonio, Texas Colonial Grand at Heathrow Orlando, Florida Colonial Grand at TownPark Orlando, Florida Colonial Village at Caledon Wood Greenville, South Carolina Colonial Grand at Metrowest Orlando, Florida 12

13 Portfolio Characteristics Office Portfolio Currently manage 7.4 million SF 7 cities in 3 states 92.0% Occupancy ($ in thousands) 1Q Q Q Q 2004 FY Q Q05 vs. 1Q04 Growth Total Division NOI $ 17,001 $ 17,269 $ 17,872 $ 17,815 $ 69,957 $ 17, % Same-Property Statistics: Revenue $ 23,543 $ 23,465 $ 24,532 $ 24,128 $ 95,668 $ 22,573 (4.1%) Net Operating Income 16,707 16,728 17,427 16,976 67,838 15,460 (7.5%) Physical Occupancy 89.7% 90.4% 91.9% 91.9% 91.9% 89.5% (0.2%) Base Rent per SF $ $ $ $ $ $ (2.1%) The Colonnade Birmingham, Alabama 1800 International Park Birmingham, Alabama 13

14 Property Pictures Colonial Center 600 at TownPark Orlando, Florida Colonial Center at Research Park Huntsville, Alabama Colonial Center 100 at TownPark Orlando, Florida Colonial Center Mansell Overlook Atlanta, Georgia Colonial Center Heathrow Orlando, Florida 2000 Colonial Park Center Montgomery, Alabama 14

15 Portfolio Characteristics Retail Portfolio Shopping Centers (44% of Retail NOI) manage 6.8 million sf Regional Malls (56% of Retail NOI) manage 8.5 million sf 30 cities in 8 states 91.0% Occupancy ($ in thousands) 1Q Q Q Q 2004 FY Q Q05 vs. 1Q04 Growth Total Division NOI $ 27,198 $ 26,746 $ 29,401 $ 35,113 $ 118,457 $ 31, % Same-Property Statistics: Revenue $ 31,301 $ 31,114 $ 31,623 $ 35,830 $ 129,869 $ 32, % Net Operating Income 22,491 21,595 21,722 26,186 91,995 22, % Physical Occupancy 88.5% 88.5% 88.7% 89.2% 89.3% 91.1% 2.6% Base Rent per SF Malls $ $ $ $ $ $ % Shopping Centers $ $ $ $ $ $ % Colonial Brookwood Village Birmingham, Alabama CP at Tutwiler Farm Birmingham, Alabama 15

16 Property Pictures Colonial TownPark Orlando, Florida Colonial Promenade Montgomery Montgomery, Alabama Colonial Promenade at Hoover Birmingham, Alabama Parkway Place Huntsville, Alabama Colonial TownPark Orlando, Florida 16

17 2005 Investment Plan Acquisitions $400 to $500 million in 2005 (excluding Cornerstone acquisition) YTD acquisitions Westshore Place I & II (371,000 sf office space in Tampa, FL) ~ $55 million Portofino (373,000 sf retail shopping center in Houston, TX) ~ $60 million Mangrove Bay Office Center (213,000 sf office space in Tampa, FL) ~ $20 million Colonial Bank Centre (235,000 sf office building in Miami, FL) Colonial Bank Centre Miami, Florida Colonial Promenade at Portofino Houston, Texas 17

18 2005 Investment Plan Dispositions $700 to $800 million in 2005 Continuing with mall dispositions (6 malls currently being marketed) Sold Colonial Mall Gadsden in 1Q 2005 and Colonial Mall Temple in April approximately $95 million Remaining four malls to be sold during 2Q / 3Q 2005 for approximately $205 million Completed the sale of six multifamily properties in 1Q 2005 ~ $144 million Property Location # of Units Year Constructed CG at Wesleyan Macon, Georgia CG at Galleria Woods Birmingham, Alabama CV at Gainesville Gainesville, Florida /93/94 CV at Walton Way Augusta, Georgia CV at Ashley Plantation Bluffton, South Carolina /2000 CV at TownPark Sarasota, Florida

19 2005 Investment Plan Developments $180 million in 2005 Currently underway with nine development projects Development Location Stabilized Date Multifamily CG at Mallard Creek Charlotte, NC 4Q 2005 CG at Silverado Austin, TX 3Q 2005 CV Twin Lakes Orlando, FL 2Q 2005 Retail CP Alabaster Birmingham, AL 4Q 2005 Colonial Pinnacle Craft Farms Gulf Shores, AL 2Q 2006 Colonial Pinnacle at Tutwiler Farms Birmingham, AL 4Q 2006 Turkey Creek (50% interest) Knoxville, TN 2Q 2006 Redevelopment CM Myrtle Beach Myrtle Beach, SC 2Q 2006 Colonial University Village Auburn, AL 1Q 2006 Development Yields Multifamily 8.0% to 9.0% Office 10.0% to 11.5% Retail 10.0% to 12.0% 19

20 Balance Sheet Recent Developments Completed acquisition of Cornerstone on 4/1/05 Prepaid $338.5 million of the $830.4 million secured debt assumed in transaction Investment grade rating confirmed with a stable outlook by all three rating agencies (BBB- / Baa3) Replaced previous unsecured bank line of credit Increased size from $320 million to $600 million (includes $100 million term loan) Reduced interest rate spread from 105 bps to 80 bps (at current BBB-/Baa3 rating) Completed issuance of $275 million senior unsecured notes Priced at 4.75% (T+105); due 2/1/2010 Proceeds were used to pay down the bridge credit facility and a portion of the unsecured line of credit 20

21 Capital Structure Market Capitalization Top 25 REIT (a) with total market capitalization of $5.2 billion Colonial Properties Market Capitalization ($ in millions) $ % Debt Secured $ 1,031 20% Unsecured 1,760 34% Total Debt 2,791 53% Preferred Equity 408 8% Common Equity 2,026 39% Total Market Cap $ 5, % Notes: Based on CLP share price of $41.61 as of 6/1/05. Includes pro rata share of all subsidiary debt. Common Equity 39% Preferred Equity 8% Debt 53% (a) Top 25 REIT based on enterprise value. 21

22 Forward Plan 2005 Guidance FY 2005 Earnings per Share (EPS): $3.20 to $4.73 (a) FFO per Share: $3.68 to $3.76 (a) 2 nd Quarter 2005 EPS: $0.13 to $1.53 (a) FFO per Share: $0.87 to $0.90 (a) Same-Store Net Operating Income Growth Rates Multifamily: CLP: 4.0% to 5.0% TCR: 5.3% Office: (1.5%) to 0.0% Retail: Malls: 3.0% to 4.0% Shopping centers: ~ 3.0% Balance Sheet Ratio of total debt plus preferred closer to 60% of gross assets Secured debt less than 20% of gross assets Fixed charge coverage above 2.0x (a) FFO and EPS per Share guidance includes the acquisition of Cornerstone on 4/1/05. 22

23 Dividend Highlights FFO per Share and Annual Dividend $ $3.78 $3.82 $3.51 $3.64 $3.76E $3.45 $3.24 $2.97 $2.70 $2.70 $2.45 $2.23 $1.97 $1.90 $2.00 $2.08 $2.20 $2.32 $2.40 $2.52 $2.64 $2.66 $2.68 $1.73 Payout Ratio 88% 85% 82% 77% 74% 72% 68% 67% 69% 77% 74% 73% E (a) FFO Dividend (a) FFO and EPS per Share guidance includes the acquisition of Cornerstone on 4/1/05. 23

24 Appendix

25 Recent Recognition Index Industry Ranking CLP outperformed 94.5% of the companies in the S&P 600 and 89.2% of the companies in the Real Estate group. Corporate Governance Quotient (CGQ) Rates a company s corporate governance structure and practices Analyzes data points for up to 61 corporate governance variables 25

26 Recent Recognition Colonial Properties Added as a Dividend Achiever in 2005 Only 314 of 10,000-plus North American, Dividend-Paying Common Stocks are Classified as Dividend Achiever Mergent s Dividend Achievers is is the the most valuable source for for extremely high-quality stocks that pay great dividends. Len Len Kuker Senior Senior Vice Vice President President Morgan Morgan Stanley Stanley 26

27 Recent Recognition "The Yield Hunt: Big Players" March 21, Year Total Return Company Ticker Yield* Quality** Annualized* Colonial Properties CLP 7.2% A % Liberty Property LRY 5.9 A Duke Realty DRE 5.8 A Weingarten Realty WRI 4.9 A Kimco Realty KIM 4.4 A CBL CBL 4.3 A Essex ESS 4.3 A Regency Centers REG 4.3 A General Growth GGP 4.1 A Federal Realty FRT 4.0 A * Based on 3/15/05 prices ** 10-year growth and stability of earnings and dividends Note: Above list represents the REIT section of the article. 27

28 Management Bios Thomas H. Lowder Chairman of the Board, President and Chief Executive Officer Mr. Lowder has served as Chairman of the Board, President and Chief Executive Officer since July He became President of Colonial Properties, Inc. in 1976, and since that time has been actively engaged in the acquisition, development, management, leasing and sale of multifamily, office and retail properties for the Company and its predecessors. Mr. Lowder is a current member of the National Association of Industrial and Office Parks (NAIOP) and the International Council of Shopping Centers. He is also a member and past president of the Alabama Chapter of the Realtors National Marketing Institute through which he successfully completed commercial real estate investment courses to receive the CCIM (Certified Commercial Investment Member) designation. He presently serves as the Chairman of the Board for Childrens Hospital and is on the Board of Directors of the Community Foundation of Greater Birmingham, Birmingham-Southern College and Crippled Childrens Foundation. Mr. Lowder is a past member of the National Association of Real Estate Investment Trusts (NAREIT) Board, past Chairman of the Birmingham Area Chapter of the American Red Cross and he served as Chairman of the 2001 United Way Campaign for Central Alabama. He graduated with honors from Auburn University with a Bachelor of Science Degree. Weston Andress Chief Financial and Investment Officer Weston Andress, Chief Financial and Investment Office of Colonial Properties Trust, with general responsibility for financing and investment matters since Prior to joining Colonial Properties Trust, Andress held the position of Managing Director of the Corporate and Investment Banking Department of Bank of America. During his 15 year tenure with Bank of America, Andress worked directly with many of the largest public and private real estate companies in the United States, fulfilling their investment banking needs which included equity placement, debt underwriting and merger and acquisition consultation. Prior to his tenure with Bank of America, Weston was Vice President in the Real Estate Capital Markets Group of Salomon Brothers in New York. Andress holds a Master of Business Administration from the University of North Carolina. 28

29 Management Bios C. Reynolds Thompson, III Chief Operating Officer C. Reynolds Thompson, III, Chief Operating Officer of the Company since September 1999, responsible for the Multifamily, Office, Retail and Mixed-Use divisions. Thompson oversees the management, acquisition, leasing and development of properties within its three operating divisions and development in the mixed-use division. Prior to his appointment as Chief Operating Officer, Thompson was Chief Investment Officer, responsible for investment strategies, market research, due diligence, mergers and acquisitions, joint venture development and cross-divisional acquisitions. Prior to his position as Chief Investment Officer, Thompson served as Executive Vice President Office Division, with responsibility for management of all office properties owned and/or managed by the Company, from May 1997 to May Thompson joined Colonial Properties Trust in February 1997 as Senior Vice President Office Acquisitions, with responsibility for all acquisitions of office properties. Prior to joining Colonial Properties Trust, Thompson worked for CarrAmerica Realty Corporation in office building acquisitions and due diligence. His seventeen-year real estate background includes acquisitions, development, leasing, and management of office properties in the south. Thompson is a member of the Executive Committee of the Metropolitan Development Board, a member of the National Association of Industrial and Office Parks, and he serves on the Board of Visitors for the The University of Alabama Culverhouse College of Commerce and Business Administration. Thompson holds a Bachelor of Science Degree from Washington and Lee University. 29

30 Management Bios Multifamily Paul Earle Executive Vice President, Multifamily Paul F. Earle, Executive Vice-President-Multifamily Division of the Company, with responsibility for management of all multifamily properties owned and/or managed by the Company, since May He joined Colonial in 1991 and has served as Vice President Acquisitions, as well as Senior Vice President Multifamily Division. Mr. Earl serves as Chairman of the Alabama Multifamily Council and is an active member of the National Apartment Association. He also serves as President of the Board of Directors of Big Brother/Big Sisters and is a Board member of the National Multifamily Housing Council. Before joining Colonial, Mr. Earle was the President and Chief Operating Officer of American Residential Management, Inc., Executive Vice President of Great Atlantic Management, Inc. and Senior Vice President of Balcor Property Management, Inc. Ray Hutchinson Senior Vice President Multifamily Ray Hutchinson, Senior Vice President, Multifamily, joined Colonial Properties in Mr. Hutchinson is responsible for property operations within the multifamily division. Mr. Hutchinson has 15 years of experience in real estate management and development and was most recently employed at Summit Properties. He received a Bachelor of Science degree University of Central Florida in Business Administration. 30

31 Management Bios Multifamily Ed Wright Senior Vice President Multifamily Development Ed Wright is responsible for managing all of the development within the multifamily division. He has over 20 years of experience in development and project management. Mr. Wright received a Bachelor of Science degree in Building Science from Auburn University. He currently serves as a board member of the National Multifamily Housing Council. Scott Sladek Senior Vice President Multifamily Scott Sladek comes to Colonial Properties Trust with over 17 years of real estate experience. Prior to joining the Colonial Properties team, Mr. Sladek worked for RREEF funds for nearly 13 years in various positions, including the Residential Director of Properties, where he was responsible for the residential management company consisting of over 50 properties, 300 employees and 15,000 units. While at RREEF, Mr. Sladek implemented many successful programs that focused on maximizing client returns, created a culture that reduced employee turnover and achieved business results that were better than anticipated. 31

32 Management Bios Office Robert Bo Jackson Executive Vice President, Office Tom Green Senior Vice President Mr. Jackson is responsible for management of all office properties owned and managed by the Company. Prior to joining Colonial Properties, Jackson worked for Beacon Properties as a Vice President responsible for leasing performance, new office development and acquisitions throughout the Southeast. He has been involved in over 10 million square feet of Atlanta urban and suburban office development. Jackson has received professional accolades from The Atlanta Board of Realtors, The Downtown Developers Group and The National Association of Industrial and Office Parks (NAIOP). Jackson is active member of NAIOP and an active member of the Urban Land Institute. He is also a member of the Board of Directors of the Greater North Fulton Chamber of Commerce. Jackson holds a Bachelor of Science Degree in Business Administration from the University of Delaware. Tom joined Colonial Properties in 1999 as Senior Vice President in charge of the Florida Office Division. His responsibilities include launching the one million square foot office portion of Colonial TownPark, a 175-acre premier mixed-use project located in Lake Mary, Florida. Under Tom s leadership, the property became so successful that The National Association of Industrial and Office Properties awarded Colonial Properties Trust with the 2003 National Developer of the Year award. He was previously Vice President of Florida for Taylor & Mathis. During Tom s seven-year tenure with Taylor & Mathis, his company s third party management portfolio increased from one million square feet to over 3 million square feet, which included offices in Miami, Tampa, and Orlando. Prior to working for Taylor & Mathis, Tom served as Director of Development for Olympia-York USA in their Orlando, Florida office where he was responsible for overseeing the leasing and property management of approximately 500,000 square feet. Tom is a licensed Real Estate Broker and holds a BS degree in Business Administration from the University of Central Florida. 32

33 Management Bios Office Thomas M. LaDow Senior Vice President Tom Hallowell Senior Vice President For over 25 years, Tom LaDow has worked as a Property Manager and an Asset Manager. He currently acts as Senior Vice President to the Office Division of Colonial Properties Trust. His responsibilities include office property development and re-development, general asset management, oversight of the telecommunications revenue enhancement program and the management and accounting system. Tom attended Birmingham Southern College and received a Bachelor of Science degree in Mathematics. His current designations include Certified Property Manager, 1990, and Real Property Administrator, As an active member of the community, Tom has served as the President of the Alabama Chapter of the Institute of Real Estate Management, the President of the City Center Partnership, the Vice President of the Birmingham City Center Partnership Board and the Secretary of the Birmingham YMBC Civic Forum. Tom Hallowell, Senior Vice President - Office Division, joined the company in April 2005 to oversee the Atlanta market operations and to lead the Office Division acquisition effort. Prior to joining Colonial, Tom was a Senior Vice President - Acquisitions at Wells Real Estate Funds where he was responsible for the acquisition of over 5 million square feet of Class A office properties throughout the Southeast. Prior business development and transaction experience in Atlanta and nationally includes structured finance advisory and placement services while at Cushman & Wakefield; closed-end fund product development and syndication with Deutsche Bank Realty Advisors; and ten years in various leadership roles with the real estate advisory services practice of PricewaterhouseCoopers. Tom is a member of the Real Estate Group of Atlanta, NAIOP, and ULI. Tom earned an MBA from Rutgers University in 1987 and a BA in Economics from Franklin & Marshall College in

34 Management Bios Office R. Dallas Whitaker Senior Vice President R. Dallas Whitaker, Senior Vice-President/Market Officer Tampa, Florida, has been responsible for the Tampa Bay Market of the Office Division since July Prior to moving to Tampa, Dallas served as Vice President/Market Officer of the Birmingham, Alabama Office Division of Colonial Properties Trust since February While in Birmingham, Dallas led successful office acquisitions, dispositions and secured new third party management and leasing assignments in excess of 1 million square feet. Transactions he completed were recognized as "Deals of the Year" by the Birmingham Business Journal in 2002 and Prior to joining Colonial, Dallas worked for Daniel Corporation as Vice President of Marketing with responsibility for new office development in Birmingham, Alabama. 34

35 Management Bios Retail Charles E. Chip Light Executive Vice President, Retail Chip Light, Executive Vice President, Retail of Colonial Properties Trust with primary responsibility for all aspects of the Company s retail business including leasing, acquisitions, development and operations. He has 18 years of retail leasing experience with such companies as Faison Associates, Jacobs Group, Homart Development and LaSalle Partners. Prior to joining Colonial, Light was Managing Director of Retail with Faison & Associates. His 18 year career includes leasing assignments with the Jacobs Company, Homart and La Salle Partners which extended from coast to coast. Light holds a Bachelor of Science degree from the University of Nebraska as well as a Master of Business Administration from Southern Methodist University. William Leitner Executive Vice President Retail Development William A. Leitner III, Executive Vice-President-Retail Development and Acquisitions, joined the Company in September Mr. Leitner is responsible for directing the company s retail development and acquisition activities. Mr. Leitner manages a team of development and acquisition professionals who are responsible for sourcing new development and redevelopment opportunities and acquiring community and lifestyle center assets. He is also responsible for procuring new development partner relationships. Prior to joining Colonial Properties Trust, Mr. Leitner held management positions with various mortgage firms and commercial banks, including Riggs Bank of Washington, D.C and Collateral Mortgage. Most recently Mr. Leitner was managing director of AmSouth Bank s Real Estate Capital Markets Group. Mr. Leitner received a Bachelor of Arts degree from Washington & Lee University, and a Master of Laws in Taxation from the University of Alabama School of Law. 35

36 Management Bios - Retail Brian Neltner Senior Vice President, Retail Leasing Brian Neltner, Senior Vice-President Retail Leasing, joined the Company in May 2004 and has primary responsibility for the leasing of retail assets owned and managed by the Company. Neltner has 15 years of retail leasing experience most recently as Vice President, Central Region, for Kimco Realty Corporation. While with Kimco, Neltner was responsible for the real estate development, management and leasing activities for 125+ shopping centers in nine Midwestern states totaling 15 million square feet, Neltner holds a Bachelor of Science Degree and a Master in Business Administration from The University of Cincinnati. John Moss Senior Vice President, Retail Management John Moss, Senior Vice President, Retail Division, joined the Company in 1973 and has been responsible for the management and marketing of the 15.7 million square feet of retail space in the company s portfolio since Prior to joining the retail division in 1984, Moss served in many different capacities for the company including Vice President of Operations the all commercial properties owned by Colonial Properties Trust. Moss has served as the State Governmental Affairs Chairman of the International Council of Shopping Centers (ICSC) for Alabama and Mississippi as as State Director for Alabama/Mississippi. In addition, John holds his real estate license in the State of Alabama. Moss holds the CSM designation with the International Council of Shopping Centers and received his Bachelor of Arts from Auburn University in Business Administration. He served with distinction as a commissioned officer in the United States Army fulfilling a two-year active duty obligation which included a 13-month tour in Korea. 36

37 FFO Reconciliation 2005 FFO Reconciliation Low High Fully Diluted Earnings per Share $ $4.73 Plus: Real Estate Depreciation & Amortization Less: Gain on Sale of Assets (1.80) - (3.25) Fully Diluted Funds from Operations per Share $ $3.76 ($ in thousands) FYE '94 FYE '95 FYE '96 FYE '97 FYE '98 FYE '99 FYE '00 FYE '01 FYE '02 FYE '03 FYE '04 Net Income available to Common $11,317 $14,936 $27,506 $30,277 $36,030 $44,833 $38,650 $42,202 $57,812 $32,529 $39,837 Minority Interest in CRLP 5,450 10,543 13,231 14,360 19,719 19,694 20,512 22,764 28,656 13,644 15,202 Total 16,767 25,479 40,737 44,637 55,749 64,527 59,162 64,966 86,468 46,173 55,039 Adjustments - Consolidated Depreciation / Amortization - Real Estate 11,478 18,044 22,025 31,957 47,131 53,271 61,298 68,751 77,408 83, ,141 Extraordinary (Income) / Loss , (Gain) / Loss - Asset Sales (122) (175) (469) (2,567) 19 (5,279) (6,836) (13,112) (36,298) (10,423) (15,160) Straight Line Rents (1,216) (1,627) (1,406) (2,079) - - Total Adjustments - Consolidated 11,356 17,869 22,067 33,040 47,937 47,404 53,253 54,233 39,031 72,950 84,981 Adjustments - Unconsolidated Properties Depreciation / Amortization - Real Estate ,062 2,105 2,339 2,770 3,927 4,651 Extraordinary (Income) / Loss (Gain) / Loss - Asset Sales - - (401) (515) (580) - (7,061) Straight Line Rents (121) (42) (50) (35) - - Total Adjustments - Subsidiary (184) 60 1,941 2,063 2,309 2,155 3,927 (2,410) Funds from Operations (FFO) 28,123 44,015 62,999 77, , , , , , , ,610 Weighted Average Shares & Units 14,278 19,701 25,710 28,719 34,944 35,198 32,639 32,114 33,424 35,682 37,808 FFO Per Share $1.97 $2.23 $2.45 $2.70 $2.97 $3.24 $3.51 $3.78 $3.82 $3.45 $

38 NOI Reconciliation ($ in thousands) FYE '94 FYE '95 FYE '96 FYE '97 FYE '98 FYE '99 FYE '00 FYE '01 FYE '02 FYE '03 FYE '04 Income before extraordinary items, minority interest and discontinued operations $16,645 $25,304 $41,248 $49,958 $67,088 $83,686 $79,393 $87,246 $81,047 $41,543 $33,648 Add: General & Administrative 3,553 5,547 4,071 6,448 7,675 8,442 8,392 10,858 15,496 19,481 27,208 Depreciation & Amortization 13,061 20,490 23,533 33,278 48,647 55,185 63,884 72,357 73,347 79,855 97,886 Total Other (Income) / Expense 9,952 23,324 23,281 37,309 53,660 49,339 62,140 53,396 27,905 59,261 73,639 Unconsolidated Properties 1,799 1,397 1,928 1, ,567 7,543 7,815 7,956 9,356 10,123 Discontinued Operations ,845 31,992 28,778 Less: Unallocated Corporate Revenue - - (855) (1,220) (924) (1,932) (2,604) (5,355) (7,320) (4,652) (7,912) Other (218) Net Operating Income 45,010 76,062 93, , , , , , , , ,710 38