Belk to Open New Fashion Department Store in Alabaster, Alabama in Spring 2005 BIRMINGHAM, Ala., Nov. 2 /PRNewswire-FirstCall/ -- Colonial Properties Trust today announced that Belk, Inc. will open a new fashion department store at Colonial Promenade Alabaster, located at I-65 and US Highway 31 South in Alabaster, Ala. The center, which will open in Spring 2005 is being developed by Colonial Properties Trust. The store will have approximately 74,000 square feet of space on one level. (Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c ) "Belk is pleased and excited about bringing a new store to the Alabaster community," said Linda Zwern, chairman of Belk's Western Division based in Greenville, S.C. "The goal of the new store is to offer customers a convenient, enjoyable and satisfying shopping experience each time they visit. Its design and merchandise offerings are being planned to meet the shopping needs of this community." Belk of Colonial Promenade Alabaster will offer a wide selection of the leading brands of apparel, cosmetics, accessories and home merchandise for the whole family, and will feature the latest in retail design, floor layout, lighting, merchandise presentation and decor. "Belk has an outstanding reputation in its markets for providing customers with the best in fashion, value, quality and prompt, friendly service," said Zwern. "We look forward to continuing this tradition in the Alabaster community. We want to be the department store of choice that consistently meets our customers' shopping needs." Top designer and national brand merchandise will be offered, along with exclusive Belk brands. Each department will feature a unique decor and fixtures that enhance merchandise presentation. The full-service store will offer a variety of Belk customer services, such as a gift registry, gift-wrapping, alterations, Great Gifts cards and Belk revolving and interest-free charge accounts. The new store represents an investment of approximately $6 million for Belk. Belk of Colonial Promenade Alabaster will be part of Belk's Western Division based in Greenville, S.C. Belk also operates stores in Jasper, Prattville, Gadsden and Cullman, Ala., and recently announced plans to open a new store in Auburn, Ala. in fall 2004. About Belk, Inc. Charlotte, N.C.-based Belk, Inc. is the largest privately owned department store company in the nation. It operates 214 stores in 13 Southeastern states, and reported total revenues of approximately $2.24 billion for the fiscal year ended February 1, 2003. Founded in 1888, Belk has become one of the dominant department stores in each of its markets by delivering superior service and consistently providing merchandise that meets customers' needs for fashion, value and quality. Belk got its start when 26-year-old William Henry Belk opened a small bargain store in Monroe, N.C., on May 29, 1888. The first store measured 22 by 70 feet, with about 1,500 square feet of space. Belk called it the New York Racket in hopes that the name would make the store sound big and attract customers. He started his new enterprise with $750 in savings, a $500, 10% interest loan from a local widow, and about $3,000 worth of goods taken on consignment from a bankrupt store. In less than seven months, he had paid off his debts and netted a $3,300 profit. William Henry's brother, Dr. John M. Belk, joined him in the business in 1891, and together they began to expand the business throughout the Carolinas and the Southeast. The fourth Belk store opened in 1895 in Charlotte, N.C., which became the company's base of operations. Dr. John M. Belk died in 1928 at age 62, and William Henry Belk remained active in the business until his death in 1952 at age 89. John M. Belk, son of founder William Henry Belk, is chairman of the board and chief executive officer of Belk, Inc. Tim Belk, McKay Belk and Johnny Belk, who are nephews of John Belk and sons of the late Belk President Thomas M. Belk, serve as presidents of the company. Beginning in the 1960s, Belk stores began migrating from smaller downtown locations to modern, greatly expanded anchor facilities in regional malls. Subsequently, Belk became one of the dominant fashion department stores in its markets throughout the Southeast, offering customers a wide selection of leading brands of fashion apparel, shoes and accessories for men, women and children, cosmetics, home furnishings, house wares, gift and guild, jewelry and other types of department store merchandise. Additionally, Belk offers exclusive private brand merchandise such as J Khaki, Kim Rogers, Saddlebred, Madison Studio and Nursery Rhyme that offer customers the latest in fashion, quality and value. Today, Belk, Inc. serves millions of customers across the Southeast and Mid-Atlantic regions of the U.S. It is organized into four operating divisions based in Charlotte, N.C., Raleigh, N.C., Greenville, S.C. and Jacksonville, Fla. Company Summary Colonial Properties Trust is a diversified REIT that, through its subsidiaries, owns a portfolio of multifamily, office and retail properties where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. Colonial Properties Trust performs development, acquisition, management, leasing and brokerage services for its portfolio and properties owned by third parties. Colonial Properties Trust is a diversified REIT, which has a total market capitalization of $2.8 billion. The cornerstone of Colonial Properties' success is its live, work and shop diversified investment strategy. The Company manages or leases 19,500 apartment units, 6.5 million square feet of office space and 15.6 million square feet of retail shopping space. In 2003, the National Association of Industrial and Office Properties (NAIOP) named Colonial Properties Trust "National Developer of the Year". Additional information on Colonial Properties Trust is available on the Internet at http://www.colonialprop.com/ . The Company, headquartered in Birmingham, Ala., is listed on the New York Stock Exchange under the symbol "CLP" and is included in the S&P SmallCap 600 Index. http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c http://photoarchive.ap.org/ DATASOURCE: Colonial Properties Trust CONTACT: Sandra Lee Robertson, senior vice president, finance, +1-205-250-8788, or Linda S. Geiss, vice president, media relations, +1-205-250-8768, both of Colonial Properties Trust Web site: http://www.colonialprop.com/

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