GBP Gables Residential Trust

Gables Residential (NYSE: GBP) (the "Company") announced today that a special meeting of shareholders relating to the proposed merger of the Company with merger subsidiaries of ING Groep, N.V. will be held at 10:00 a.m. on Thursday, September 29, 2005, at The Vinings Club, located at 2859 Paces Ferry Road, Atlanta, Georgia 30339. Shareholders of record at the close of business on August 23, 2005 will receive notice of the special meeting and proxy materials describing the merger transaction. Only holders of the Company's common shares of beneficial interest at the close of business on August 23, 2005 will be entitled to vote at the special meeting. These materials will be mailed to shareholders on or about August 29, 2005. 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 39,099 apartment homes in 149 communities. The Company owns or has an interest in 84 communities with 21,163 stabilized apartment homes located 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.