HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE:CPT) today announced the closing of a public
offering of 4,750,000 common shares. The company received net proceeds
before expenses of approximately $442.6 million from the offering.
Deutsche Bank Securities and J.P. Morgan, the joint book-running
managers for the offering, have been granted a 30-day option to purchase
up to an additional 712,500 common shares. The underwriters may offer
the common shares from time to time for sale in one or more transactions
on the New York Stock Exchange, in the over-the-counter market, through
negotiated transactions or otherwise at market prices prevailing at the
time of sale, at prices related to prevailing market prices or at
negotiated prices. Camden intends to use the net proceeds for general
corporate purposes, which may include financing for acquisitions and
funding for development activities, reducing borrowings under its $600
million unsecured line of credit, the repayment of other indebtedness,
and the redemption or other repurchase of outstanding debt or equity
securities.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any Camden common shares, nor shall
there be any sale of these securities in any jurisdiction in which such
an offer, solicitation, or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. The
offering may be made only by means of a prospectus and a related
prospectus supplement, copies of which may be obtained when available
from Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall
Street, New York, NY 10005-2836, by email to prospectus.cpdg@db.com,
or by telephone at (800) 503-4611, or J.P. Morgan Securities LLC,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, Telephone: (866) 803-9204.
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. Factors which may cause
Camden’s actual results or performance to differ materially from those
contemplated by forward-looking statements are described under the
heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in
other filings with the Securities and Exchange Commission.
Forward-looking statements made in today’s press release represent
management’s current opinions at the time of this publication, and
Camden assumes no obligation to update or supplement these statements
because of subsequent events.
Camden Property Trust, an S&P 400 Company, is a real estate company
engaged in the ownership, management, development, redevelopment,
acquisition, and construction of multifamily apartment communities.
Camden owns interests in and operates 155 properties containing 53,771
apartment homes across the United States. Upon completion of 6
properties under development, the Company’s portfolio will increase to
55,644 apartment homes in 161 properties. Camden was recently named by
FORTUNE® Magazine for the tenth consecutive year as one of the “100 Best
Companies to Work For” in America, ranking #22.
For additional information, please contact Camden's Investor Relations
Department at (713) 354-2787.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170914005905/en/
Camden Property Trust
Kim Callahan, 713-354-2549
Source: Camden Property Trust