Businessweek

Colonial Properties Trust operates as a self-administered equity Real Estate Investment Trust. It owns, develops and operates multifamily, office and retail properties primarily in the Sunbelt region of the United States. The trust is an integrated real estate trust, which engages in the acquisition, development, ownership, management and leasing of commercial real estate property and for-sale residential property. The trust activities include ownership of a portfolio of 223 properties as of December 31, 2006, located in Alabama, Arizona, California, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Texas, and Virginia, development of new operating properties and for-sale properties, acquisition of existing properties, build-to-suit development, and the provision of management, leasing, and brokerage services for commercial real estate. As of December 31, 2006, including properties in lease-up, the trust owned interests in 127 multifamily apartment communities (multifamily properties) containing a total of 38,111 apartment units, including 108 wholly owned consolidated properties and 19 properties owned through unconsolidated joint-venture entities aggregating 32,227 and 5,884 units; 53 office properties (the ‘office properties’) containing a total of approximately 16.9 million square feet of office space, including 30 wholly owned consolidated properties and 23 partially owned properties owned through unconsolidated joint-venture entities aggregating approximately 6.5 million and 10.4 million square feet, respectively; 43 retail properties (the retail properties) containing a total of approximately 12.7 million square feet of retail space, including 33 wholly owned consolidated properties and 10 properties owned through unconsolidated joint-venture entities aggregating approximately 7.3 million and 5.4 million square feet, respectively; and parcels of land (the land) adjacent to or near certain of the properties. The trust is the general partner of, and holds approximately 81.4% of the interests in, Colonial Realty Limited Partnership, a Delaware limited partnership (CRLP or the Operating Partnership). The trust conducts all of its business through the Operating Partnership and the Operating Partnership’s subsidiaries, including Colonial Properties Services Limited Partnership (CPSLP), which provides management services for the wholly owned properties, and Colonial Properties Services, Inc. (CPSI), which provides management, construction, and development services for properties owned by third parties and through joint ventures. Operating Divisions The trust manages its business through three operating divisions - multifamily, office and retail. MULTIFAMILY PROPERTIES DIVISION: The trust’s multifamily division manages and leases its 127 multifamily apartment communities, and providing third-party management services for apartment communities. The 127 multifamily apartment communities, including those properties in lease-up, contain a total of 38,111 garden-style apartments and range in size from 80 to 586 units. 14 multifamily properties (containing a total of 4,936 apartment units) are located in Alabama, one multifamily property (containing a total of 180 units) is located in Arizona, one multifamily property (containing a total of 200 units) is located in California, ten multifamily properties (containing a total of 3,574 units) are located in Florida, 20 multifamily properties (containing a total of 5,704 units) are located in Georgia, two multifamily properties (containing a total of 498 units) are located in Mississippi, thirty multifamily properties (containing a total of 8,571 units) are located in North Carolina, nine multifamily properties (containing a total of 2,285 units) are located in South Carolina, four multifamily properties (containing a total of 1,263 units) are located in Tennessee, 25 multifamily properties (containing a total of 7,758 units) are located in Texas and 11 multifamily properties (containing a total of 3,142 units) are located in Virginia. OFFICE PROPERTIES DIVISION: The trust’s office division’s commercial office operations include