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:[email protected], or Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by email to [email protected], 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 Companys 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, managements 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 Camdens actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading Risk Factors in Camdens Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission. Forward-looking statements made in todays press release represent managements 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 Camdens Investor Relations Department at (713) 354-2787.
Kim Callahan, 713-354-2549