Camden Property Trust Announces the Redemption of Series A Cumulative Convertible Preferred Shares

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Camden Property Trust Announces the Redemption of Series A Cumulative Convertible Preferred Shares

    HOUSTON, April 2 /PRNewswire/ -- Camden Property Trust (NYSE: CPT) today
announced that it will redeem all of its issued and outstanding Series A
Cumulative Convertible Preferred Shares of Beneficial Interest on
April 30, 2001 at a redemption price of $25.00 per share plus an amount equal
to all accumulated, accrued and unpaid dividends as of April 30, 2001.
American Stock Transfer and Trust Company is the paying agent.  Share
Certificates may be delivered by mail or in person to its offices at 59 Maiden
Lane, New York, New York 10038.
    Each Series A Preferred Share is convertible until April 30, 2001 at the
holder's option into 0.7701 of a common share.  To exercise the conversion
right, holders must surrender the certificate representing such share, duly
endorsed or assigned to Camden or in blank, at the offices of American Stock
Transfer and Trust Company, 59 Maiden Lane, New York, New York 10038,
accompanied by written notice that the holder elects to convert such share.
Holders of Series A Preferred Shares on March 30, 2001, the record date, will
be entitled to receive the dividend payable on such shares on May 15, 2001
notwithstanding the conversion of such shares following March 30, 2001 and
prior to April 30, 2001.
    The Company expects to use funds available under its senior unsecured line
of credit to pay the redemption proceeds.  In February, the Company completed
a $200 million unsecured note offering of 10 and 5-year term securities, the
proceeds of which were used to reduce the balance outstanding on the line of
credit.
    Camden Property Trust is a real estate company engaged in the ownership,
development, acquisition, management and disposition of multifamily apartment
communities.  Camden owns interests in and operates 143 properties containing
50,780 apartment homes in the Sunbelt and Midwestern markets from Florida to
California.  Upon completion of three properties under development, the
Company's portfolio will increase to 52,318 apartment homes in 146 properties.
    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.
    For more information, please contact Camden's Investor Relations
Department at 1-800-9Camden or locally at (713) 354-2787, or visit Camden's
web site at http://www.camdenliving.com.

SOURCE Camden Property Trust

http://www.camdenliving.com
CONTACT:
Investor Relations of Camden Property Trust,
800-9Camden or 713-354-2787