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<P align="center" style="font-size: 10pt"><B>As filed with the Securities and Exchange Commission on April&nbsp;4, 2005</B>



<P align="right" style="font-size: 10pt"><B>Registration No.&nbsp;333-121675</B>



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549<BR>
<HR size="1" noshade width="26%" align="center" color="#000000"></B>

<P align="center" style="font-size: 18pt"><B>POST-EFFECTIVE AMENDMENT NO. 1<BR>
ON FORM S-8<BR>
TO FORM S-4</B>


<P align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933<BR>
<BR>
<HR size="1" noshade width="26%" align="center" color="#000000"></B>

<P align="center" style="font-size: 24pt"><B>Colonial Properties Trust</B>



<P align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Alabama</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>59-7007599</B></TD>
</TR>

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<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>2101 Sixth Avenue North, Suite&nbsp;750<BR>
Birmingham, Alabama 35202</B><BR>
(Address of Principal Executive Offices) (Zip code)



<P align="center" style="font-size: 10pt"><B>CORNERSTONE REALTY INCOME TRUST, INC.<BR>
1992 INCENTIVE PLAN<BR>
AND<BR>
CORNERSTONE REALTY INCOME TRUST, INC.<BR>
1992 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN</B><BR>
(Full Title of the Plans)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Copies to:</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Thomas H. Lowder</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>J. Warren Gorrell, Esq.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Colonial Properties Trust</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>James E. Showen, Esq.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>2101 Sixth Avenue North, Suite&nbsp;750</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Thomas C. Morey, Esq.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Birmingham, Alabama 35202</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Hogan &#038; Hartson L.L.P.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(205)&nbsp;250-8700</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Columbia Square</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Name, Address and Telephone number, Including
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>555 Thirteenth Street, N.W.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Area Code, of Agent for Service)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Washington, D.C. 20004-1109</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(202)&nbsp;637-5600</B></TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Title of each</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">class of securities</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount to be</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">maximum offering</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">aggregate offering</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">to be registered</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Registered</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">price per security</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">price</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">registration fees</TD>
</TR>

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<tr><td>&nbsp;</td></tr>

<TR valign="bottom">
    <TD align="center" valign="top">Common Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">366,691 (1)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(2)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(2)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(2)</TD>
</TR>
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</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>238,859 Common Shares are being registered in connection with the Cornerstone Realty Income
Trust, Inc. 1992 Incentive Plan, as amended, and 127,832 Common Shares are being registered in
connection with the Cornerstone Realty Income Trust, Inc. 1992 Non-Employee Directors Stock
Option Plan, as amended. Options under each of these plans were assumed by the Registrant
pursuant to the merger of Cornerstone Realty Income Trust, Inc. with and into a wholly-owned
subsidiary of the Registrant effective April&nbsp;1, 2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(2)&nbsp;&nbsp;</TD>
    <TD>All filing fees payable in connection with the registration of the issuance of these
securities were paid in connection with the filing of the registrant&#146;s original registration
statement on Form&nbsp;S-4 (No.&nbsp;333-121675) on December&nbsp;27, 2004.</TD>
</TR>

</TABLE>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<P align="center" style="font-size: 10pt"><B>EXPLANATORY NOTE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colonial Properties Trust (the &#147;Registrant&#148;) is
filing this Registration Statement on Form S-8
to register the issuance of 366,691 Common Shares of the Registrant.
238,859 Common Shares are
being registered under the Cornerstone Realty Income Trust, Inc. 1992 Incentive Plan, as amended,
and 127,832 Common Shares are being registered under the Cornerstone Realty Income Trust, Inc. 1992
Non-Employee Directors Stock Option Plan, as amended (collectively, the &#147;Plans&#148;). The Registrant
has assumed the outstanding options under the Plans pursuant to the Agreement and Plan of Merger,
dated October&nbsp;25, 2004, as amended, among the Registrant, CLNL Acquisition Sub LLC, a wholly-owned
subsidiary of the Registrant (&#147;Acquisition Sub&#148;), and Cornerstone Realty Income Trust, Inc.
(&#147;Cornerstone&#148;), pursuant to which Cornerstone merged with and into Acquisition Sub effective April
1, 2005.


<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTU</B>S



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in Part&nbsp;I will be sent or given to
employees participating in the Cornerstone Realty Income Trust, Inc. 1992 Incentive Plan, as
amended, or the Cornerstone Realty Income Trust, Inc. 1992 Non-Employee Directors Stock Option
Plan, as amended, as specified by Rule&nbsp;428(b)(1) promulgated under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;). In accordance with the instructions to Part&nbsp;I of Form S-8, such
documents will not be filed with the Securities and Exchange Commission (the &#147;Commission&#148;) either
as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to
Rule&nbsp;424 promulgated under the Securities Act. These documents and the documents incorporated by
reference pursuant to Item&nbsp;3 of Part&nbsp;II of this Registration Statement, taken together, constitute
the prospectus as required by Section 10(a) of the Securities Act.


<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>



<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant hereby incorporates by reference into this Registration Statement the following
documents filed by it with the Commission:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>our Annual Report on Form 10-K for the year ended December&nbsp;31, 2004, which was filed on
March&nbsp;16, 2005;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>our Current Report on Form 8-K, which was filed on January&nbsp;25, 2005;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>our Current Report on Form 8-K, which was filed on January&nbsp;31, 2005;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>our Current Report on Form 8-K, which was filed on February&nbsp;15, 2005;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)&nbsp;&nbsp;</TD>
    <TD>our Current Report on Form 8-K, which was filed on February&nbsp;17, 2005</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(f)&nbsp;&nbsp;</TD>
    <TD>our Current Report on Form 8-K, which was filed on March&nbsp;18, 2005;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(g)&nbsp;&nbsp;</TD>
    <TD>our Current Report on Form 8-K, which was filed on March&nbsp;21, 2005;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(h)&nbsp;&nbsp;</TD>
    <TD>our Current Report on Form 8-K, which was filed on March&nbsp;25, 2005; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>the description of our Common Shares in our Registration Statement on Form 8-A filed
under Section&nbsp;12 of the Securities Exchange Act of 1934, as amended, incorporated by
reference from a Registration Statement on Form S-11 (File No.&nbsp;33-65954), including any
amendment or report filed for the purpose of updating such description.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed subsequent to the filing date of this Registration Statement with the
Commission by the Registrant pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934, as amended, prior to the filing of a post-effective amendment which indicates
that all securities offered hereby have been sold, or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement
and to be a part hereof from the date of filing such documents. Any statement contained in a
document incorporated or deemed to be incorporated herein by reference shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any subsequently filed document which also is, or is deemed to be,
incorporated by reference herein modifies or supersedes such prior statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a
part of this Registration Statement except as indicated herein.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Alabama Real Estate Investment Trust Act of 1995 (the &#147;Alabama REIT Law&#148;), a real
estate investment trust formed in Alabama is permitted to expand or limit, by provision in its
declaration of trust, the liability of trustees and officers to the trust and its shareholders for
money damages except for liability resulting from (a)&nbsp;actual receipt of an improper benefit or
profit in money, property or services; or (b)&nbsp;acts or omissions established by a final judgment as
involving active and deliberate dishonesty and being material to the matter giving rise to the
proceeding. The Registrant&#146;s declaration of trust includes such a provision eliminating such
liability to the maximum extent permitted by the Alabama REIT Law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Alabama REIT Law permits an Alabama real estate investment trust to indemnify and advance
expenses to its trustees, officers, employees and agents to the same extent as permitted by certain
sections of the Alabama Business Corporation Act for directors and officers of Alabama
corporations. In accordance with the Alabama Business Corporation Act, the Registrant&#146;s bylaws
require it to indemnify (a)&nbsp;any present or former trustee, officer or shareholder or any individual
who, while a trustee, officer or shareholder, served or is serving as a trustee, officer, director,
shareholder or partner of another entity at the Registrant&#146;s express request, who has been
successful, on the merits or otherwise, in the defense of a proceeding to which he was made a party
by reason of service in such capacity, against reasonable expenses incurred by him in connection
with the proceeding, (b)&nbsp;any present or former trustee or officer or any individual who, while a
trustee or officer, served or is serving as a trustee, officer, director, shareholder or partner of
another entity at the Registrant&#146;s express request, who is made a party to a proceeding by reason
of service in such capacity, against reasonable expenses incurred by him in connection with the
proceeding if: (i)&nbsp;he conducted himself in good faith, (ii)&nbsp;he reasonably believed (A)&nbsp;in the case
of conduct in his official capacity with the Registrant, that the conduct was in the Registrant&#146;s
best interest; and (B)&nbsp;in all other cases, that the conduct was at least not opposed to the
Registrant&#146;s best interests, and (iii)&nbsp;in the case of any criminal proceeding, he had no reasonable
cause to believe his conduct was unlawful, provided, however, that the indemnification provided for
in this clause (b)&nbsp;will not be available if it is established that (1)&nbsp;in connection with a
proceeding by or in the right of the Registrant, he was adjudged liable to the Registrant, or (2)
in connection with any other proceeding charging improper personal benefit to him, whether or not
involving action in his official capacity, he was adjudged liable on the basis that personal
benefit was improperly received by him, and (c)&nbsp;any present or former shareholder against any claim
or liability to which he may become subject by reason of such status.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Registrant&#146;s bylaws require the Registrant to pay or reimburse, in advance of
final disposition of a proceeding, reasonable expenses incurred by a trustee, officer or
shareholder or former trustee, officer or shareholder made a party to a proceeding by reason of
such status; provided, that in the case of a trustee or officer, (i)&nbsp;the Registrant has received a
written affirmation by the trustee or officer of his good faith belief that he


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">has met the applicable standard of conduct necessary for indemnification by the Registrant as
authorized by the bylaws, (ii)&nbsp;the Registrant has received a written undertaking by or on his
behalf to repay the amount paid or reimbursed by the Registrant if it is ultimately determined that
the applicable standard of conduct was not met; and (iii)&nbsp;a determination is made, in accordance
with Section&nbsp;8.55 of the Alabama Business Corporation Act, that the facts then known to those
making the determination would not preclude indemnification under the provisions of the bylaws. The
Registrant may, with the approval of the trustees, provide such indemnification and payment or
reimbursement of expenses to any trustee, officer or shareholder or any former trustee, officer or
shareholder who served a predecessor of the Registrant and to any employee or agent of the
Registrant or a predecessor of the Registrant.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The partnership agreement of Colonial Realty Limited Partnership (&#147;Colonial Partnership&#148;)
provides that reasonable expenses incurred by an indemnitee who is a party to a proceeding, may be
paid or reimbursed in advance of the final disposition of a proceeding; provided that Colonial
Partnership receives: (i)&nbsp;a written affirmation by the indemnitee of the indemnitee&#146;s good faith
belief that the standard of conduct necessary for indemnification has been met; and (ii)&nbsp;a written
undertaking by or on behalf of indemnitee to repay the amount if it is later determined that the
standard of conduct has not been met.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The partnership agreement also provides that Colonial Partnership may, but is not required to,
purchase and maintain insurance on behalf of indemnitees against any liability in connection with
Colonial Partnership&#146;s activities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the partnership agreement, an <I>&#147;indemnitee&#148; </I>includes: (i)&nbsp;any person made a party to a
proceeding by reason of his status as the general partner of Colonial Partnership (i.e., the
Registrant); or a director or officer of Colonial Partnership or the Registrant; and (ii)&nbsp;any other
person (including affiliates of the Registrant or Colonial Partnership) as the Registrant may
designate from time to time in its sole and absolute discretion.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Delaware Revised Uniform Limited Partnership Act (the <I>&#147;Delaware Limited Partnership
law&#148;</I>), a limited partnership may indemnify and hold harmless any partner or other person from and
against any and all claims and demands whatsoever. In accordance with the Delaware Limited
Partnership law, the partnership agreement provides for the indemnification of indemnitees from and
against all losses, claims, damages, liabilities, joint or several, expenses, judgments, fines,
settlements, and other amounts arising from any and all claims, demands, actions, suits or
proceedings, civil, criminal, administrative or investigative that relate to the operations of
Colonial Partnership in which the indemnitee may be involved, or who is threatened to be involved,
as a party or otherwise, unless: (i)&nbsp;the act or omission was material to the matter and
committed in bad faith or a result of active and deliberate dishonesty; (ii)&nbsp;the indemnitee
received improper personal benefit in money, property or services: or (iii)&nbsp;in the case of a
criminal proceeding, the indemnitee had reason to believe the act or omission was unlawful.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The partnership agreement provides that the indemnification extends to any liability for any
indebtedness of Colonial Partnership or any subsidiary of Colonial Partnership, with certain
exceptions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has entered into indemnification agreements with each of its trustees and
certain of its executive officers. Under these agreements, the Registrant has agreed to indemnify
its trustees and certain of its executive officers to the maximum extent permitted by the Alabama
Business Corporation Act. The Registrant also is obligated to pay expenses incurred by an
indemnified trustee or director in establishing a right to indemnification under the respective
indemnification agreement. Although the indemnification agreements offer substantially the same
scope of coverage afforded by the Registrant&#146;s declaration of trust and bylaws, the agreements
provide greater assurance to trustees and executive officers that indemnification will be
available, because, as contracts, they cannot be modified unilaterally by the Registrant&#146;s board of
trustees or by the shareholders to alter, limit or eliminate the rights they provide to the
trustees and executive officers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933, as
amended, may be permitted to trustees and officers of the Registrant, the Registrant has been
advised that, although the validity and scope of such indemnification has not been tested in court,
in the opinion of the SEC, such indemnification is against public policy as expressed in the
Securities Act of 1933, as amended, and is, therefore, unenforceable. In addition, indemnification
may be limited by state securities laws.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. &nbsp;Exemption From Registration Claimed</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. &nbsp;Exhibits</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Hogan &#038; Hartson L.L.P. regarding the legality of the securities being registered</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Sirote &#038; Permutt, P.C., regarding the legality of the securities being
registered under Alabama law</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Hogan &#038; Hartson L.L.P. (included as part of Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Sirote &#038; Permutt, P.C. (included as part of Exhibit&nbsp;5.2)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page of original Registration Statement on
Form&nbsp;S-4 filed on December&nbsp;27, 2004)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cornerstone Realty Income Trust, Inc. 1992 Incentive Plan, as amended (incorporated by
reference to Exhibit&nbsp;99.1 in Cornerstone Realty Income Trust, Inc.&#146;s Registration Statement
on Form&nbsp;S-8 filed with the SEC on April&nbsp;9, 1997 (File No.&nbsp;333-24871))</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cornerstone Realty Income Trust, Inc. 1992 Non-Employee Directors Stock Option Plan, as
amended (incorporated by reference to Exhibit&nbsp;99.1 in Cornerstone Realty Income Trust,
Inc.&#146;s Registration Statement on Form&nbsp;S-8 filed with the SEC on April&nbsp;9, 1997 (File No.
333-24875))</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings</B>




<P align="left" style="margin-left:4%; font-size: 10pt">(a)&nbsp;The undersigned Registrant hereby undertakes:



<P align="left" style="margin-left:2%; font-size: 10pt">(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:



<P align="left" style="margin-left:4%; font-size: 10pt">(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;



<P align="left" style="margin-left:4%; font-size: 10pt">(ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of
the Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease
in volume of securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20&nbsp;percent change in the maximum aggregate offering price set forth
in the &#147;Calculation of Registration Fee&#148; table in the effective Registration Statement; and



<P align="left" style="margin-left:4%; font-size: 10pt">(iii)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such
information in the Registration Statement;


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:4%; font-size: 10pt"><I>provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration
Statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports filed with or
furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the
Securities Exchange Act that are incorporated by reference in the Registration Statement.



<P align="left" style="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial <I>bona fide </I>offering thereof.



<P align="left" style="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering
thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers, and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Birmingham, Alabama, on April&nbsp;4, 2005.


<P align="left" style="font-size: 10pt; margin-left: 50%">COLONIAL PROPERTIES TRUST


<P align="left" style="font-size: 10pt; margin-left: 50%">By: <U>/s/ THOMAS H. LOWDER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lowder<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, Chief Executive Officer and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration statement has been
signed by the following persons in the capacities indicated as of the 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of April,
2005.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u>/s/ THOMAS H. LOWDER</u>

</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">President, Chief Executive Officer and Chairman of the Board</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Thomas H. Lowder</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u>/s/ WESTON M. ANDRESS</u>

</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Financial and Investment Officer (Principal Financial Officer)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Weston M. Andress</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u>/s/ JOHN E. TOMLINSON</u><br>John E. Tomlinson
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Vice President and Chief Accounting Officer (Principal<BR>
Accounting Officer)</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">James K. Lowder</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Carl F. Bailey</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">M. Miller Gorrie</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Donald T. Senterfitt</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Claude B. Nielsen</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Harold W. Ripps</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Herbert A. Meisler</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">William M. Johnson</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">John W. Spiegel</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Glade M. Knight</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">*By: <U>/s/ THOMAS H. LOWDER</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lowder<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-fact


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Hogan &#038; Hartson L.L.P. regarding the legality of the securities being registered</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Sirote &#038; Permutt, P.C., regarding the legality of the securities being
registered under Alabama law</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Hogan &#038; Hartson L.L.P. (included as part of Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Sirote &#038; Permutt, P.C. (included as part of Exhibit&nbsp;5.2)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page of original Registration Statement on
Form&nbsp;S-4 filed on December&nbsp;27, 2004)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cornerstone Realty Income Trust, Inc. 1992 Incentive Plan, as amended (incorporated by
reference to Exhibit&nbsp;99.1 in Cornerstone Realty Income Trust, Inc.&#146;s Registration Statement
on Form&nbsp;S-8 filed with the SEC on April&nbsp;9, 1997 (File No.&nbsp;333-24871))</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cornerstone Realty Income Trust, Inc. 1992 Non-Employee Directors Stock Option Plan, as
amended (incorporated by reference to Exhibit&nbsp;99.1 in Cornerstone Realty Income Trust,
Inc.&#146;s Registration Statement on Form&nbsp;S-8 filed with the SEC on April&nbsp;9, 1997 (File No.
333-24875))</TD>
</TR>
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{"company-data": {"conformed-name": "COLONIAL PROPERTIES TRUST", "cik": "0000909111", "assigned-sic": "6798", "irs-number": "597007599", "state-of-incorporation": "AL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-123829", "film-number": "05731173"}, "business-address": {"street1": "2101 SIXTH AVE N STE 750", "street2": "STE 750", "city": "BIRMINGHAM", "state": "AL", "zip": "35203", "phone": "205-250-8700"}, "mail-address": {"street1": "2101 6TH AVE N STE 750", "city": "BIRMINGHAM", "state": "AL", "zip": "35203"}}
sv8
As filed with the Securities and Exchange Commission on April 4, 2005
Registration No. 333-121675
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 1
ON FORM S-8
TO FORM S-4
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Colonial Properties Trust
(Exact Name of Registrant as Specified in Its Charter)
Alabama
59-7007599
(State or Other Jurisdiction of
(I.R.S. Employer
Incorporation or Organization)
Identification No.)
2101 Sixth Avenue North, Suite 750
Birmingham, Alabama 35202
(Address of Principal Executive Offices) (Zip code)
CORNERSTONE REALTY INCOME TRUST, INC.
1992 INCENTIVE PLAN
AND
CORNERSTONE REALTY INCOME TRUST, INC.
1992 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN
(Full Title of the Plans)
Copies to:
Thomas H. Lowder
J. Warren Gorrell, Esq.
Colonial Properties Trust
James E. Showen, Esq.
2101 Sixth Avenue North, Suite 750
Thomas C. Morey, Esq.
Birmingham, Alabama 35202
Hogan & Hartson L.L.P.
(205) 250-8700
Columbia Square
(Name, Address and Telephone number, Including
555 Thirteenth Street, N.W.
Area Code, of Agent for Service)
Washington, D.C. 20004-1109
(202) 637-5600
CALCULATION OF REGISTRATION FEE
Title of each
Proposed
Proposed maximum
class of securities
Amount to be
maximum offering
aggregate offering
Amount of
to be registered
Registered
price per security
price
registration fees
Common Shares
366,691 (1)
(2)
(2)
(2)
(1)
238,859 Common Shares are being registered in connection with the Cornerstone Realty Income
Trust, Inc. 1992 Incentive Plan, as amended, and 127,832 Common Shares are being registered in
connection with the Cornerstone Realty Income Trust, Inc. 1992 Non-Employee Directors Stock
Option Plan, as amended. Options under each of these plans were assumed by the Registrant
pursuant to the merger of Cornerstone Realty Income Trust, Inc. with and into a wholly-owned
subsidiary of the Registrant effective April 1, 2005.
(2)
All filing fees payable in connection with the registration of the issuance of these
securities were paid in connection with the filing of the registrant's original registration
statement on Form S-4 (No. 333-121675) on December 27, 2004.
EXPLANATORY NOTE
Colonial Properties Trust (the "Registrant") is
filing this Registration Statement on Form S-8
to register the issuance of 366,691 Common Shares of the Registrant.
238,859 Common Shares are
being registered under the Cornerstone Realty Income Trust, Inc. 1992 Incentive Plan, as amended,
and 127,832 Common Shares are being registered under the Cornerstone Realty Income Trust, Inc. 1992
Non-Employee Directors Stock Option Plan, as amended (collectively, the "Plans"). The Registrant
has assumed the outstanding options under the Plans pursuant to the Agreement and Plan of Merger,
dated October 25, 2004, as amended, among the Registrant, CLNL Acquisition Sub LLC, a wholly-owned
subsidiary of the Registrant ("Acquisition Sub"), and Cornerstone Realty Income Trust, Inc.
("Cornerstone"), pursuant to which Cornerstone merged with and into Acquisition Sub effective April
1, 2005.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTU
S
The documents containing the information specified in Part I will be sent or given to
employees participating in the Cornerstone Realty Income Trust, Inc. 1992 Incentive Plan, as
amended, or the Cornerstone Realty Income Trust, Inc. 1992 Non-Employee Directors Stock Option
Plan, as amended, as specified by Rule 428(b)(1) promulgated under the Securities Act of 1933, as
amended (the "Securities Act"). In accordance with the instructions to Part I of Form S-8, such
documents will not be filed with the Securities and Exchange Commission (the "Commission") either
as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to
Rule 424 promulgated under the Securities Act. These documents and the documents incorporated by
reference pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute
the prospectus as required by Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The Registrant hereby incorporates by reference into this Registration Statement the following
documents filed by it with the Commission:
(a)
our Annual Report on Form 10-K for the year ended December 31, 2004, which was filed on
March 16, 2005;
(b)
our Current Report on Form 8-K, which was filed on January 25, 2005;
(c)
our Current Report on Form 8-K, which was filed on January 31, 2005;
(d)
our Current Report on Form 8-K, which was filed on February 15, 2005;
(e)
our Current Report on Form 8-K, which was filed on February 17, 2005
(f)
our Current Report on Form 8-K, which was filed on March 18, 2005;
(g)
our Current Report on Form 8-K, which was filed on March 21, 2005;
(h)
our Current Report on Form 8-K, which was filed on March 25, 2005; and
(i)
the description of our Common Shares in our Registration Statement on Form 8-A filed
under Section 12 of the Securities Exchange Act of 1934, as amended, incorporated by
reference from a Registration Statement on Form S-11 (File No. 33-65954), including any
amendment or report filed for the purpose of updating such description.
All documents filed subsequent to the filing date of this Registration Statement with the
Commission by the Registrant pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934, as amended, prior to the filing of a post-effective amendment which indicates
that all securities offered hereby have been sold, or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement
and to be a part hereof from the date of filing such documents. Any statement contained in a
document incorporated or deemed to be incorporated herein by reference shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any subsequently filed document which also is, or is deemed to be,
incorporated by reference herein modifies or supersedes such prior statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a
part of this Registration Statement except as indicated herein.
Item 4. Description of Securities
Not applicable.
Item 5. Interests of Named Experts and Counsel
Not applicable.
Item 6. Indemnification of Directors and Officers
Under the Alabama Real Estate Investment Trust Act of 1995 (the "Alabama REIT Law"), a real
estate investment trust formed in Alabama is permitted to expand or limit, by provision in its
declaration of trust, the liability of trustees and officers to the trust and its shareholders for
money damages except for liability resulting from (a) actual receipt of an improper benefit or
profit in money, property or services; or (b) acts or omissions established by a final judgment as
involving active and deliberate dishonesty and being material to the matter giving rise to the
proceeding. The Registrant's declaration of trust includes such a provision eliminating such
liability to the maximum extent permitted by the Alabama REIT Law.
The Alabama REIT Law permits an Alabama real estate investment trust to indemnify and advance
expenses to its trustees, officers, employees and agents to the same extent as permitted by certain
sections of the Alabama Business Corporation Act for directors and officers of Alabama
corporations. In accordance with the Alabama Business Corporation Act, the Registrant's bylaws
require it to indemnify (a) any present or former trustee, officer or shareholder or any individual
who, while a trustee, officer or shareholder, served or is serving as a trustee, officer, director,
shareholder or partner of another entity at the Registrant's express request, who has been
successful, on the merits or otherwise, in the defense of a proceeding to which he was made a party
by reason of service in such capacity, against reasonable expenses incurred by him in connection
with the proceeding, (b) any present or former trustee or officer or any individual who, while a
trustee or officer, served or is serving as a trustee, officer, director, shareholder or partner of
another entity at the Registrant's express request, who is made a party to a proceeding by reason
of service in such capacity, against reasonable expenses incurred by him in connection with the
proceeding if: (i) he conducted himself in good faith, (ii) he reasonably believed (A) in the case
of conduct in his official capacity with the Registrant, that the conduct was in the Registrant's
best interest; and (B) in all other cases, that the conduct was at least not opposed to the
Registrant's best interests, and (iii) in the case of any criminal proceeding, he had no reasonable
cause to believe his conduct was unlawful, provided, however, that the indemnification provided for
in this clause (b) will not be available if it is established that (1) in connection with a
proceeding by or in the right of the Registrant, he was adjudged liable to the Registrant, or (2)
in connection with any other proceeding charging improper personal benefit to him, whether or not
involving action in his official capacity, he was adjudged liable on the basis that personal
benefit was improperly received by him, and (c) any present or former shareholder against any claim
or liability to which he may become subject by reason of such status.
In addition, the Registrant's bylaws require the Registrant to pay or reimburse, in advance of
final disposition of a proceeding, reasonable expenses incurred by a trustee, officer or
shareholder or former trustee, officer or shareholder made a party to a proceeding by reason of
such status; provided, that in the case of a trustee or officer, (i) the Registrant has received a
written affirmation by the trustee or officer of his good faith belief that he
has met the applicable standard of conduct necessary for indemnification by the Registrant as
authorized by the bylaws, (ii) the Registrant has received a written undertaking by or on his
behalf to repay the amount paid or reimbursed by the Registrant if it is ultimately determined that
the applicable standard of conduct was not met; and (iii) a determination is made, in accordance
with Section 8.55 of the Alabama Business Corporation Act, that the facts then known to those
making the determination would not preclude indemnification under the provisions of the bylaws. The
Registrant may, with the approval of the trustees, provide such indemnification and payment or
reimbursement of expenses to any trustee, officer or shareholder or any former trustee, officer or
shareholder who served a predecessor of the Registrant and to any employee or agent of the
Registrant or a predecessor of the Registrant.
The partnership agreement of Colonial Realty Limited Partnership ("Colonial Partnership")
provides that reasonable expenses incurred by an indemnitee who is a party to a proceeding, may be
paid or reimbursed in advance of the final disposition of a proceeding; provided that Colonial
Partnership receives: (i) a written affirmation by the indemnitee of the indemnitee's good faith
belief that the standard of conduct necessary for indemnification has been met; and (ii) a written
undertaking by or on behalf of indemnitee to repay the amount if it is later determined that the
standard of conduct has not been met.
The partnership agreement also provides that Colonial Partnership may, but is not required to,
purchase and maintain insurance on behalf of indemnitees against any liability in connection with
Colonial Partnership's activities.
Under the partnership agreement, an
"indemnitee"
includes: (i) any person made a party to a
proceeding by reason of his status as the general partner of Colonial Partnership (i.e., the
Registrant); or a director or officer of Colonial Partnership or the Registrant; and (ii) any other
person (including affiliates of the Registrant or Colonial Partnership) as the Registrant may
designate from time to time in its sole and absolute discretion.
Under the Delaware Revised Uniform Limited Partnership Act (the
"Delaware Limited Partnership
law"
), a limited partnership may indemnify and hold harmless any partner or other person from and
against any and all claims and demands whatsoever. In accordance with the Delaware Limited
Partnership law, the partnership agreement provides for the indemnification of indemnitees from and
against all losses, claims, damages, liabilities, joint or several, expenses, judgments, fines,
settlements, and other amounts arising from any and all claims, demands, actions, suits or
proceedings, civil, criminal, administrative or investigative that relate to the operations of
Colonial Partnership in which the indemnitee may be involved, or who is threatened to be involved,
as a party or otherwise, unless: (i) the act or omission was material to the matter and
committed in bad faith or a result of active and deliberate dishonesty; (ii) the indemnitee
received improper personal benefit in money, property or services: or (iii) in the case of a
criminal proceeding, the indemnitee had reason to believe the act or omission was unlawful.
The partnership agreement provides that the indemnification extends to any liability for any
indebtedness of Colonial Partnership or any subsidiary of Colonial Partnership, with certain
exceptions.
The Registrant has entered into indemnification agreements with each of its trustees and
certain of its executive officers. Under these agreements, the Registrant has agreed to indemnify
its trustees and certain of its executive officers to the maximum extent permitted by the Alabama
Business Corporation Act. The Registrant also is obligated to pay expenses incurred by an
indemnified trustee or director in establishing a right to indemnification under the respective
indemnification agreement. Although the indemnification agreements offer substantially the same
scope of coverage afforded by the Registrant's declaration of trust and bylaws, the agreements
provide greater assurance to trustees and executive officers that indemnification will be
available, because, as contracts, they cannot be modified unilaterally by the Registrant's board of
trustees or by the shareholders to alter, limit or eliminate the rights they provide to the
trustees and executive officers.
Insofar as indemnification for liabilities arising under the Securities Act of 1933, as
amended, may be permitted to trustees and officers of the Registrant, the Registrant has been
advised that, although the validity and scope of such indemnification has not been tested in court,
in the opinion of the SEC, such indemnification is against public policy as expressed in the
Securities Act of 1933, as amended, and is, therefore, unenforceable. In addition, indemnification
may be limited by state securities laws.
Item 7.  Exemption From Registration Claimed
Not applicable.
Item 8.  Exhibits
Exhibit
Number
Description
5.1
Opinion of Hogan & Hartson L.L.P. regarding the legality of the securities being registered
5.2
Opinion of Sirote & Permutt, P.C., regarding the legality of the securities being
registered under Alabama law
23.1
Consent of PricewaterhouseCoopers LLP
23.2
Consent of Hogan & Hartson L.L.P. (included as part of Exhibit 5.1)
23.3
Consent of Sirote & Permutt, P.C. (included as part of Exhibit 5.2)
24.1
Power of Attorney (included on signature page of original Registration Statement on
Form S-4 filed on December 27, 2004)
99.1
Cornerstone Realty Income Trust, Inc. 1992 Incentive Plan, as amended (incorporated by
reference to Exhibit 99.1 in Cornerstone Realty Income Trust, Inc.'s Registration Statement
on Form S-8 filed with the SEC on April 9, 1997 (File No. 333-24871))
99.2
Cornerstone Realty Income Trust, Inc. 1992 Non-Employee Directors Stock Option Plan, as
amended (incorporated by reference to Exhibit 99.1 in Cornerstone Realty Income Trust,
Inc.'s Registration Statement on Form S-8 filed with the SEC on April 9, 1997 (File No.
333-24875))
Item 9. Undertakings
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of
the Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease
in volume of securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20 percent change in the maximum aggregate offering price set forth
in the "Calculation of Registration Fee" table in the effective Registration Statement; and
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such
information in the Registration Statement;
provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration
Statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports filed with or
furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act that are incorporated by reference in the Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona fide
offering
thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers, and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Birmingham, Alabama, on April 4, 2005.
COLONIAL PROPERTIES TRUST
By:
/s/ THOMAS H. LOWDER
Thomas H. Lowder
President, Chief Executive Officer and
Chairman of the Board
Pursuant to the requirements of the Securities Act, this registration statement has been
signed by the following persons in the capacities indicated as of the 4
th
day of April,
2005.
Signature
Title
/s/ THOMAS H. LOWDER
President, Chief Executive Officer and Chairman of the Board
Thomas H. Lowder
/s/ WESTON M. ANDRESS
Chief Financial and Investment Officer (Principal Financial Officer)
Weston M. Andress
/s/ JOHN E. TOMLINSON
John E. Tomlinson
Executive Vice President and Chief Accounting Officer (Principal
Accounting Officer)
*
Trustee
James K. Lowder
*
Trustee
Carl F. Bailey
*
Trustee
M. Miller Gorrie
*
Trustee
Donald T. Senterfitt
*
Trustee
Claude B. Nielsen
*
Trustee
Harold W. Ripps
*
Trustee
Herbert A. Meisler
*
Trustee
William M. Johnson
*
Trustee
John W. Spiegel
Trustee
Glade M. Knight
*By:
/s/ THOMAS H. LOWDER
Thomas H. Lowder
Attorney-in-fact
EXHIBIT INDEX
Exhibit
Number
Description
5.1
Opinion of Hogan & Hartson L.L.P. regarding the legality of the securities being registered
5.2
Opinion of Sirote & Permutt, P.C., regarding the legality of the securities being
registered under Alabama law
23.1
Consent of PricewaterhouseCoopers LLP
23.2
Consent of Hogan & Hartson L.L.P. (included as part of Exhibit 5.1)
23.3
Consent of Sirote & Permutt, P.C. (included as part of Exhibit 5.2)
24.1
Power of Attorney (included on signature page of original Registration Statement on
Form S-4 filed on December 27, 2004)
99.1
Cornerstone Realty Income Trust, Inc. 1992 Incentive Plan, as amended (incorporated by
reference to Exhibit 99.1 in Cornerstone Realty Income Trust, Inc.'s Registration Statement
on Form S-8 filed with the SEC on April 9, 1997 (File No. 333-24871))
99.2
Cornerstone Realty Income Trust, Inc. 1992 Non-Employee Directors Stock Option Plan, as
amended (incorporated by reference to Exhibit 99.1 in Cornerstone Realty Income Trust,
Inc.'s Registration Statement on Form S-8 filed with the SEC on April 9, 1997 (File No.
333-24875))