Camden Property Trust Announces Closing of Offering of Common Shares
September 14 2017 - 10:15AM
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.
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Camden Property TrustKim Callahan, 713-354-2549
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