Camden Property Trust Announces Closing of Offering of Common Shares
HOUSTON--(BUSINESS WIRE)-- Camden Property Trust (CPT) today announced the closing of a public offering of 6,612,500 common shares, which includes 862,500 shares issued as a result of the underwriters' exercise of their option to purchase these shares in full at the closing. The company received approximately $391.6 million in net proceeds from the offering after deducting the underwriting discounts and commissions and estimated expenses of the offering. Camden intends to use the net proceeds to fund the acquisition of the 80% interest not currently owned by Camden in 12 related joint ventures and the repayment of the mortgage debt secured by properties owned by these joint ventures, and for general corporate purposes.
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 Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010, (800) 221-1037, firstname.lastname@example.org; Deutsche Bank Securities Inc., Attention: Prospectus Department, Harborside Financial Center, 100 Plaza One, Jersey City, NJ 07311-3988, by calling (800) 503-4611, or by emailing email@example.com; or UBS Investment Bank, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171, (877) 827-7275.
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 195 properties containing 66,640 apartment homes across the United States. Upon completion of ten properties under development, the Companys portfolio will increase to 69,437 apartment homes in 205 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.
Camden Property Trust
Kim Callahan, 713-354-2549
Source: Camden Property TrustCopyright Business Wire 2012