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| Camden Property Trust Declares Increase in 1998 First Quarter Dividend |
HOUSTON, March 13 /PRNewswire/ -- Camden Property Trust (NYSE: CPT)
announced that its Board of Trust Managers has declared a dividend in the
amount of $0.505 per common share for the first quarter of 1998. This
quarterly dividend represents an annualized dividend rate of $2.02 per share,
an increase of 3.1% over the 1997 annualized dividend of $1.96 per share. The
dividend is payable on April 17, 1998 to all shareholders of record as of
March 31, 1998.
"Camden has historically raised its dividend at a rate which is less than
the anticipated growth in Funds From Operations (FFO)," said Ric Campo,
Chairman of Camden. "This policy allows for annual dividend increases as well
as further reductions in our payout ratio, which we believe for 1998 will be
less than 70% of our FFO."
Camden Property Trust is a fully integrated real estate investment trust
(REIT) engaged in the ownership, development, acquisition, marketing,
management, and disposition of multifamily apartment communities. Camden
Property Trust owns interests in and operates 100 properties containing
34,669 apartment homes in the Sunbelt and Midwestern markets form Florida to
Arizona. Upon completion of nine properties under development, the Company's
portfolio will increase to 38,460 apartment homes in 109 properties. In
December, Camden announced plans to merge with Oasis Residential, Inc. The
merger, subject to shareholder approval by both companies, will make Camden
Property Trust the third largest multifamily REIT in the United States.
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 which
are difficult to predict.
SOURCE Camden Property Trust
back to topRelated links:
Richard J. Campo, or D. Keith Oden, both of
Camden Property Trust, 800-9Camden, or 713-964-3555
