SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

LOWDER JAMES K

(Last)

(First)

(Middle)

2101 SIXTH AVENUE NORTH

SUITE 750

(Street)

BIRMINGHAM

35203

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
COLONIAL PROPERTIES TRUST [ CLP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Trustee

3. Date of Earliest Transaction (Month/Day/Year)
07/23/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares of Beneficial Interest	07/23/2009		C		511,879	A	$0⁽¹⁾	1,302,800	I	By CCI⁽²⁾
Common Shares of Beneficial Interest	07/23/2009		J⁽³⁾		1,302,800	D	$8.06	0	I	By CCI⁽²⁾
Common Shares of Beneficial Interest	07/23/2009		J⁽³⁾		651,400	A	$8.06	651,400	I	JKL Capital Holdings, LLC⁽⁴⁾
Common Shares of Beneficial Interest								306,701.697	D
Common Shares of Beneficial Interest								114,836.97	I	By 401(k)⁽⁵⁾
Common Shares of Beneficial Interest								1,600	I	By JKL Investments, LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Units of Limited Partnership Interest⁽⁶⁾	$0⁽⁷⁾	07/23/2009		C			511,879	⁽⁸⁾	⁽⁸⁾	Common Shares of Beneficial Interest	511,879	$0⁽¹⁾	695,175	I	By CCI⁽²⁾
Units of Limited Partnership Interest	⁽⁷⁾							⁽⁸⁾	⁽⁸⁾	Common Shares of Beneficial Interest	635,351		635,351⁽⁹⁾	D
Units of Limited Partnership Interest	⁽⁷⁾							⁽⁸⁾	⁽⁸⁾	Common Shares of Beneficial Interest	89,285		89,285	I	By JKL Investments, LLC
Units of Limited Partnership Interest	⁽⁷⁾							⁽⁸⁾	⁽⁸⁾	Common Shares of Beneficial Interest	195		195	I	For Children's Trust

Explanation of Responses:

1. Units of Limited Partnership Interest of Colonial Realty Limited Partnership, were redeemed for an equal number of Issuer's common shares of beneficial interest.

2. Colonial Commercial Investment, Inc. (CCI) is owned directly by Thomas H. Lowder and the Reporting Person.

3. Each of Thomas H. Lowder and the Reporting Person acquired 651,400 common shares from CCI for $8.06 per share, resulting in a change in form of beneficial ownership of their shares from indirect to direct.

4. JKL Capital Holdings, LLC is owned directly by the Reporting Person.

5. As of 6/30/2009.

6. Units of Limited Partnership Interest of Colonial Realty Limited Partnership, which are redeemable for an equal number of Issuer's common shares of beneficial interest or at the election of the Issuer, cash equal to fair market value of those shares.

7. 1 for 1

8. None

9. On 11/12/2008, the reporting person transferred 108,021 units held in the James K. Lowder Two-Year Trust, of which he is the sole Trustee, to himself as direct ownership.

Remarks:

	John P. Rigrish, as Attorney-in-Fact	07/27/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.