Colonial Properties Trust (Colonial) 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 March 31, 2008, the Company owned or managed 38,822 apartment units, 16.2 million square feet of office space and 8.1 million square feet of retail shopping space located in principal Sunbelt states from Virginia to Nevada. On January 16, 2008, Colonial acquired the remaining 75% interest in a 270-unit multifamily apartment community, Colonial Village at Matthews, located in Charlotte, North Carolina.