HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE:CPT) today announced that it has exercised
its option to purchase the 80% interest not currently owned by the
Company in 12 joint ventures. The exercise of such option creates a
binding obligation for Camden to purchase, and for the holders of such
interests to sell, such joint venture interests. Camden intends to close
such acquisition prior to January 31, 2012. The acquisition of such
interests will result in Camden wholly-owning 12 apartment communities
containing 4,034 apartment homes located in Dallas, Houston, Las Vegas,
Phoenix and Southern California. The aggregate consideration for the
interests which Camden will acquire is approximately $99.5 million in
cash. Following such acquisition, but not later than April 1, 2012,
Camden will also repay the indebtedness which is secured by such
apartment communities in the approximate principal amount of $272.6
million.
“We are pleased to announce this transaction, which we believe provides
an attractive opportunity to acquire quality assets in high-growth
markets while reducing leverage,” said Richard J. Campo, Camden’s
Chairman and Chief Executive Officer.
Camden Property Trust, an S&P 400 Company, is a real estate company
engaged in the ownership, development, acquisition, management and
disposition of multifamily apartment communities. Camden owns interests
in and operates 196 properties containing 66,997 apartment homes across
the United States. Upon completion of 10 properties under development,
the Company's portfolio will increase to 69,794 apartment homes in 206
properties.
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 Camden operates, management's
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.
For additional information, please contact Camden's Investor Relations
Department at (800) 922-6336 or (713) 354-2787 or access our website at www.camdenliving.com.
Camden Property Trust
Kim Callahan, 713-354-2549
Source: Camden Property Trust