Gables Declares Preferred Dividends for Third Quarter 2005 and Common Dividends for July 2005

Gables Residential (NYSE: GBP) (the "Company") today
announced that its Board of Trustees has declared a monthly dividend
for the Company's common shares of $0.200833 per share for July 2005.
Such monthly dividend will be payable on July 29, 2005 to shareholders
of record on July 15, 2005.
   With respect to the Company's Series D Preferred Shares, a
dividend of $0.46875 per share will be paid on September 15, 2005, to
shareholders of record on September 1, 2005. The dividend is
equivalent to an annual rate of $1.875 per share.

   This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The
forward-looking statements contained in this release are statements
that are subject to certain risks and uncertainties, including, but
not limited to, possible changes in demand for apartment homes, the
effects of economic conditions, the impact of competition and
competitive pricing, changes in construction costs, the results of
financing efforts, potential acquisitions under agreement, the effects
of the Company's accounting policies and other matters detailed in the
Company's filings with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 2004 under the heading "Management's Discussion and
Analysis of Financial Condition and Results of Operations - Certain
Factors Affecting Future Operating Results."

   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 41,867 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 [phone] or access Gables
Residential's website at www.gables.com.