Camden Property Trust Exercises Option to Purchase Remaining Interests in Joint Ventures
January 11 2012 - 5:16PM
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.
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