Business & Finance
HOUSTON--([ BUSINESS WIRE ])--Camden Property Trust (NYSE:CPT) today announced that it has exercised its option to purchase the 80% interest not currently owned by the Company in 12 joint ventures. The exercise of such option creates a binding obligation for Camden to purchase, and for the holders of such interests to sell, such joint venture interests. Camden intends to close such acquisition prior to January 31, 2012. The acquisition of such interests will result in Camden wholly-owning 12 apartment communities containing 4,034 apartment homes located in Dallas, Houston, Las Vegas, Phoenix and Southern California. The aggregate consideration for the interests which Camden will acquire is approximately $99.5 million in cash. Following such acquisition, but not later than April 1, 2012, Camden will also repay the indebtedness which is secured by such apartment communities in the approximate principal amount of $272.6 million.
"We are pleased to announce this transaction, which we believe provides an attractive opportunity to acquire quality assets in high-growth markets while reducing leverage"
aWe are pleased to announce this transaction, which we believe provides an attractive opportunity to acquire quality assets in high-growth markets while reducing leverage,a said Richard J. Campo, Camdenas Chairman and Chief Executive Officer.
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 196 properties containing 66,997 apartment homes across the United States. Upon completion of 10 properties under development, the Company's portfolio will increase to 69,794 apartment homes in 206 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 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 ].