REIT Chairman Returns to CEO Post

Colonial Properties Trust, Birmingham, Ala., has returned its chairman, Thomas H. Lowder to the chief executive position he held between July 1993 and April 2006. In a related move, C. Reynolds Thompson III, who replaced Mr. Lowder as CEO, has been reassigned to the positions of president and chief financial officer. In the new corporate structure, Mr. Lowder will serve as the principal executive officer and Mr. Thompson will serve as the principal financial officer. The current president and CFO, Weston M. Andress has resigned; he has entered into a one-year consulting agreement with the company. Commenting on the appointments, Mr. Lowder noted, "The board felt it would be in the best interest of our shareholders for me to take a more active role in the day-to-day operations of the company as we navigate the current economic environment." Colonial does not anticipate a material impact to net income or funds from operations per share for the full-year 2008 as a result of these management changes.