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| Camden Property Trust Announces Estimated Tax Characteristics of 1998 Reportable Distributions |
HOUSTON, Jan. 15 /PRNewswire/ -- Camden Property Trust (NYSE: CPT) announced today the estimated income tax characteristics of its 1998 distributions paid to shareholders. The amount of distribution referred to as return of capital is considered by the Internal Revenue Service to be a return of invested capital and should be applied to reduce the tax cost basis of the shares upon which the distributions were paid. This release is based on the preliminary results of work on the Company's tax filings and is subject to correction or adjustment when the filings are completed. The Company is releasing information at this time to aid those required to distribute Form 1099s on the Company's dividends. No material change in these classifications is expected. The classifications of the distributions are as follows: Camden Property Trust -- Common Shares Record Payable Distribution Ordinary Return of 20% Rate 25% Rate Date Date Per Share Taxable Capital Long-Term Sec. 1250 Dividend Capital Capital Gain Gain 3/31/98 4/17/98 $0.505 83.118% -0- 5.220% 11.662% 6/30/98 7/17/98 $0.505 83.118% -0- 5.220% 11.662% 9/30/98 10/16/98 $0.505 83.118% -0- 5.220% 11.662% 12/22/98 1/15/99 $0.505 83.118% -0- 5.220% 11.662% Camden Property Trust -- Preferred Shares Record Payable Distribution Ordinary Return of 20% Rate 25% Rate Date Date Per Share Taxable Capital Long-Term Sec. 1250 Dividend Capital Capital Gain Gain 4/30/98 5/15/98 $0.5625 83.118% -0- 5.220% 11.662% 6/30/98 8/15/98 $0.5625 83.118% -0- 5.220% 11.662% 9/30/98 11/16/98 $0.5625 83.118% -0- 5.220% 11.662% Distributions recorded during 1998 and paid within 30 days of year-end should be reported in the income of the recipient for 1998. For corporate shareholders, the Section 291(a) preference item is 2.332% of the total distribution. On April 8, 1998, Oasis Residential, Inc. (NYSE: OAS), merged into a wholly owned subsidiary of Camden Property Trust in a non-taxable exchange of shares. During 1998, prior to the merger, Oasis recorded and paid distributions to its holders of record. Holders of Oasis shares that were exchanged into Camden shares may have received distributions from Oasis in 1998 prior to the merger and from Camden thereafter. Following are details of distributions and the appropriate federal tax treatment of the 1998 Oasis distributions paid prior to the merger: Oasis Residential, Inc. prior to merger with Camden Record Payable Distribution Ordinary Return of Date Date Per Share Taxable Income Capital Common 2/3/98 2/17/98 $0.4525 61.32% 38.68% Preferred 2/2/98 2/16/98 $0.5625 100.00% -0- Camden Property Trust is one of the nation's largest multifamily REITs, and owns interests in and operates 149 properties containing 51,310 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of 14 properties under development, the Company's portfolio will increase to 56,968 apartment homes in 163 properties. For more information, please contact Steve Dawson at 1-800-9Camden, or 713-354-2500.SOURCE Camden Property Trust
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CONTACT:
Steve Dawson of Camden Property Trust,
800-9Camden, or 713-354-2500
