HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE:CPT) today announced that it has priced a
public offering of 3,375,000 common shares for gross proceeds of
approximately $330.2 million. The offering is expected to close on
February 22, 2019, subject to customary closing conditions. BofA Merrill
Lynch and Deutsche Bank Securities, the joint book-running managers for
the offering, have been granted a 30-day option to purchase up to an
additional 506,250 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 and the repayment of other indebtedness.
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 BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd
Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email:dg.prospectus_requests@baml.com,
or 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.
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 161 properties containing 55,160
apartment homes across the United States. Upon completion of 6
properties currently under development, the Company’s portfolio will
increase to 56,858 apartment homes in 167 properties. Camden was
recently named by FORTUNE Magazine for the 12th consecutive
year as one of the 100 Best Companies to Work For® in America, ranking
#19.
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.
For additional information, please contact Camden’s Investor Relations
Department at (713) 354-2787.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190219006104/en/
Kim Callahan, 713-354-2549
Source: Camden Property Trust