Camden Property Trust (NYSE:CPT) today announced it has priced a public offering of 2,900,000 common shares for gross proceeds of approximately $493 million. The offering is expected to close on April 12, 2022, subject to customary closing conditions. BofA Securities and Wells Fargo Securities, the joint book-running managers for the offering, have been granted a 30-day option to purchase up to an additional 435,000 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 to reduce borrowings under its $900 million unsecured line of credit incurred to fund the acquisition from Teacher Retirement System of Texas of its 68.7% interest in two of Camden’s investment funds and for general corporate purposes, which may include financing for acquisitions and funding for development activities.
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 Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001,
Attn: Prospectus Department, or by email at firstname.lastname@example.org.
Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, or by email at email@example.com or by telephone at (800) 326-5897.
Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 170 properties containing 58,055 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company’s portfolio will increase to 59,828 apartment homes in 175 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 14 consecutive years, most recently ranking #8.
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.
Kim Callahan, 713-354-2549