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| Camden Property Trust Announces the Private Placement of $100 Million Perpetual Preferred Units |
HOUSTON, Feb. 24 /PRNewswire/ -- Camden Property Trust (NYSE: CPT) announced the successful completion of a private placement of perpetual preferred operating units issued to institutional investors. The $100 million 8.5% Series B Cumulative Redeemable Perpetual Preferred Units were issued by Camden's operating partnership. The units are non-callable for five years, are subordinate to all debt, and have no mandatory redemption date. Donaldson, Lufkin & Jenrette acted as agent in this transaction. The net proceeds were used to reduce balances outstanding on Camden's lines of credit. 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 Richard J. Campo or D. Keith Oden at 1-800-9Camden, or locally at 713-354-2500, or visit the website at http://www.camdenprop.com.SOURCE Camden Property Trust
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CONTACT:
Richard J. Campo or D. Keith Oden, both of
Camden Property Trust, 800-9Camden or 713-354-2500
