HOUSTON--(BUSINESS WIRE)--Feb. 28, 2005--Camden Property Trust
(NYSE:CPT) today announced the completion of its merger with Summit
Properties Inc., creating a combined company with total market
capitalization of approximately $5.8 billion and a portfolio of nearly
69,000 apartment homes in 199 multifamily properties across the United
States.
"We are pleased to announce the closing of this transaction," said
Richard J. Campo, Chairman and Chief Executive Officer of Camden. "We
believe that this strategic acquisition will transform our company and
provide one of the best platforms in the industry for future earnings
growth."
William B. McGuire, Jr. and William F. Paulsen, each of whom
formerly served as a director of Summit, will be appointed to the
Board of Trust Managers of Camden effective March 2, 2005.
Camden also announced the completion of its offer to exchange the
existing units of limited partnership interest in Camden Summit
Partnership, L.P. (f/k/a Summit Properties Partnership, L.P.), which,
prior to the merger, were redeemable for one share of common stock of
Summit, for $31.20 in cash (the "cash consideration"), without
interest, or .6687 of a unit (the "unit consideration"), which are
redeemable for one Camden common share. The exchange offer expired at
4:00 p.m., Eastern Time, on February 28, 2005.
Based on information provided by American Stock Transfer & Trust
Company, the exchange agent for the offer, as of 4:00 p.m., Eastern
Time, on February 28, 2005, 822,244 units had been tendered in
exchange for the cash consideration, 2,151,689 units had been tendered
in exchange for the unit consideration and 368,571 units had not been
tendered pursuant to the exchange offer (all of which will be
exchanged for the unit consideration). Upon the terms and subject to
the conditions of the exchange offer, Camden will issue 1,685,297.862
new units and $25,654,012.80 in exchange for the existing units.
In addition to historical information, this press release contains
forward-looking statements under the federal securities law. These
statements are based on current expectations, estimates and
projections about the industry and markets in which the companies
operate, managements' beliefs, and assumptions made by management.
Forward-looking statements are not guarantees of future performance
and involve certain risks and uncertainties which are difficult to
predict.
Camden Property Trust is a real estate company engaged in the
ownership, development, acquisition, management and disposition of
multifamily apartment communities. Camden owns interests in and
operates 192 properties containing 66,446 apartment homes in the
Sunbelt and Midwestern markets from Florida to California. Upon
completion of seven properties under development, the Company's
portfolio will increase to 68,974 apartment homes in 199 properties.
CONTACT: Camden Property Trust, HoustonKim Callahan, 800-922-6336 or 713-354-2787
SOURCE: Camden Property Trust