CORRECTING and REPLACING Colonial Properties Trust Announces Quarterly Dividend on...

CORRECTING and REPLACING Colonial Properties Trust Announces Quarterly Dividend on Series D Depositary Shares

BIRMINGHAM, Ala.--(Business Wire)--
Second graph, first sentence of release: Ex-dividend date should
read October 13, 2008 sted October 10, 2008.

The corrected release reads:

COLONIAL PROPERTIES TRUST ANNOUNCES QUARTERLY DIVIDEND ON SERIES D
DEPOSITARY SHARES

Colonial Properties Trust (NYSE: CLP) announced that its Board of
Trustees declared the third quarter 2008 dividend on the company's
Series D Depositary Shares.

The Series D Depositary Shares, each representing 1/10 of a share
of the Company's 8 1/8% Series D Cumulative Redeemable Preferred
Shares, dividend of $0.5078125 per depositary share will be paid on
October 31, 2008, to shareholders of record on October 15, 2008,
representing an ex-dividend date of October 13, 2008. The dividend on
the Series D Depositary Shares represents an annualized dividend of
$2.03125 per Depositary share.

Colonial Properties Trust is a multifamily real estate investment
trust (REIT) that creates additional value for its shareholders by
managing commercial assets through joint venture investments and
pursuing development opportunities. As of June 30, 2008, the company
owned or managed 37,112 apartment units, 16.3 million square feet of
office space and 8.1 million square feet of retail shopping space
located in key Sunbelt states from Virginia to Nevada. Headquartered
in Birmingham, Ala., 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.

Safe Harbor Statement

"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Estimates of future earnings are, by definition,
and certain other statements in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve known and unknown
risks, uncertainties and other factors that may cause the company's
actual results, performance, achievements or transactions to be
materially different from the results, performance, achievements or
transactions expressed or implied by the forward looking statements.
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve known and unknown
risks, uncertainties and other factors that may cause the company's
actual results, performance, achievements or transactions to be
materially different from the results, performance, achievements or
transactions expressed or implied by the forward looking statements.
Factors that impact such forward looking statements include, among
others, real estate conditions and markets; performance of affiliates
or companies in which we have made investments; legislative or
regulatory decisions; our ability to continue to maintain our status
as a REIT for federal income tax purposes; the effect of any rating
agency action; the cost and availability of new debt financings; level
and volatility of interest rates or capital market conditions; effect
of any terrorist activity or other heightened geopolitical crisis; or
other factors affecting the real estate industry generally.

Except as otherwise required by the federal securities laws, the
company assumes no responsibility to update the information in this
press release.

The company refers you to the documents filed by the company from
time to time with the Securities and Exchange Commission, specifically
the section titled "Risk Factors" in the company's Annual Report on
Form 10-K for the year ended December 31, 2007, as may be updated or
supplemented in the company's Form 10-Q filings, which discuss these
and other factors that could adversely affect the company's results.

Colonial Properties Trust
Jerry A. Brewer, Executive Vice President, Finance
1-800-645-3917

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