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| Camden Property Trust Announces Additional $100 Million Share Repurchase Program |
HOUSTON, Oct. 14 /PRNewswire/ -- Camden Property Trust (NYSE: CPT) announced today that its Board of Trust Managers has approved a share repurchase program of up to $100 million of the company's common shares of beneficial interest. The company recently completed the repurchase of $100 million under a program that began in September 1998 and was completed in August 1999. Camden intends to fund this program through the sale of approximately $150 million of non-strategic assets, and use the remaining disposition proceeds to repay short-term borrowings. As of September 30, 1999, Camden had approximately $35 million outstanding on its new $375 million unsecured line of credit. "We believe that repurchasing our common shares at a substantial discount to net asset value is an excellent investment strategy to increase long-term value for our shareholders," said Ric Campo, chairman and chief executive officer. "By using disposition proceeds for a combination of share repurchases and debt retirement, we can maintain a conservative capital structure and strong balance sheet." "Over the past several years, Camden has selectively disposed of older, capital-intensive assets in order to improve the overall quality, growth potential, and geographic balance of our portfolio," said Keith Oden, president and chief operating officer. "Selling additional assets which no longer meet our long-term growth strategy will allow us the opportunity to redeploy our capital at higher yields." 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 151 properties containing 52,215 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of 8 properties under development, the Company's portfolio will increase to 55,785 apartment homes in 159 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 credit risks and uncertainties that are difficult to predict. For more information, please contact Richard J. Campo or D. Keith Oden at 1-800-9Camden, or 713/354-2500, or access Camden's web site 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
