GBP Gables Residential Trust

Gables Residential (NYSE: GBP) (the "Company") today announced it has acquired two apartment communities in its targeted Dallas EPN zones and an apartment community in the Buckhead EPN of Atlanta. In Dallas, Saltillo consists of 79 apartment homes on 2.3 acres adjacent to Gables Knoxbridge in the Highland Park EPN zone and Carlisle on the Creek consists of 176 apartment homes on 3.8 acres along the Katy Trail overlooking Lee Park and Turtle Creek in the Uptown EPN. The Buckhead community, Lindview, consists of 48 existing apartments on 2.1 acres and is contiguous to the Northmoor apartments which the Company acquired in mid-May. The Company expects to ultimately redevelop the Northmoor and Lindview sites into approximately 700 new apartment homes. "Enhancing our presence in the Highland Park and Uptown EPN zones in Dallas is important to our strategic portfolio allocation model. Our significant presence in these neighborhoods gives us a competitive advantage via our operating economies of scale," noted David Fitch, CEO. "Similar to our announcement last week, the Lindview site is an excellent location within our targeted EPN zones and is an efficient means to control a land position while generating cash flow until we are ready to redevelop new apartment homes." With a mission of Taking Care of the Way People Live(R), Gables Residential has received national recognition for excellence in the management, development, acquisition and construction of luxury multi-family communities in high job growth markets. The Company's strategic objective is to produce total returns through monthly dividends and share price changes that exceed the NAREIT apartment sector index. The Company has a research-driven strategy focused on markets characterized by high job growth and resiliency to national economic downturns. Within these markets, the Company targets Established Premium Neighborhoods(TM) ("EPN's"), generally defined as areas with high per square foot prices for single-family homes. By investing in resilient, demand-driven markets and EPN locations with barriers to entry, the Company expects to achieve its strategic objective. The Company is one of the largest apartment operators in the nation and currently manages 41,750 apartment homes in 162 communities. The Company owns or has an interest in 84 communities with 21,163 stabilized apartment homes primarily in Atlanta, Houston, South Florida, Austin, Dallas, Washington, D.C., and San Diego/Inland Empire and has an additional 11 communities with 2,673 apartment homes under development or lease-up. For further information, please contact Gables Investor Relations at (800) 371-2819 or access Gables Residential's website at www.gables.com.