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Camden Property Trust Announces Fourth Quarter 2008 Dividend

^{Published on 2008-11-24 16:18:51 - Market Wire}
 

HOUSTON--([ BUSINESS WIRE ])--The Board of Trust Managers of Camden Property Trust (NYSE:CPT) today declared a fourth quarter dividend of $0.70 per share to holders of record as of December 4, 2008 of its Common Shares of Beneficial Interest. The dividend is to be paid on January 2, 2009.

Ric Campo, Camden's Chairman and Chief Executive Officer, stated that "with all of the uncertainty in the financial markets, many analysts and shareholders have asked questions about possible changes in Camden's dividend policy. That is why we have chosen to declare and pay the fourth quarter dividend at this time. Our view is that for many of our long-term investors the dividend is an important part of their reason for owning Camden." Campo continued, "We believe that Camden has a strong balance sheet and our liquidity position is sound. As of September 30, 2008, we had $29 million in cash on the balance sheet, no debt maturities for the remainder of 2008, and no amounts drawn under our $600 million unsecured line of credit. Based upon our existing liquidity position, potential proceeds from asset sales and our ability to incur additional secured debt, with Fannie and Freddie still very active in the multifamily space and over 75% of our real estate assets unencumbered, we do not anticipate any problems in meeting our upcoming debt maturities. We are currently paying our $2.80 annual dividend from operating cash flows. Our full year guidance for funds from operations for 2008 is $3.57 to $3.61 per diluted share. We have a high quality portfolio that is geographically diversified. With an average unit rent of $980 across our portfolio, we intend to continue to provide a high quality, reasonably priced housing option for our current and future residents."

Forward-Looking Statements

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.

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 179 properties containing 62,421 apartment homes across the United States. Upon completion of seven properties under development, the Company's portfolio will increase to 64,329 apartment homes in 186 properties. Camden was recently named to FORTUNE® Magazine's list of the "100 Best Companies to Work For."

For additional information, please contact Camden's Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at [ www.camdenliving.com ].