Camden Property Trust Retires $185.2 Million of Secured Variable Rate Debt
31 Mayo 2023 - 3:15PM
Business Wire
Camden Property Trust (NYSE:CPT) (the “Company”) announced today
that it utilized its unsecured revolving credit facility to retire
approximately $185.2 million of secured variable rate debt with a
current weighted average interest rate of approximately 7.1%. The
Company will recognize charges in conjunction with this early
retirement of debt of approximately $2.5 million. As of May 31,
2023, 91.3% of the Company’s debt is now unsecured.
These charges were not included in the Company’s second quarter
and full year 2023 guidance for Net Income Attributable to Common
Shareholders (“EPS”), Funds From Operations (“FFO”), or Core Funds
From Operations ("Core FFO") provided in April 2023. These charges
are expected to reduce the Company's 2023 EPS and FFO by $0.02 per
share. The charges will be added back to the calculation of the
Company’s Core FFO.
Camden Property Trust, an S&P 500 Company, is a real estate
company primarily engaged in the ownership, management,
development, redevelopment, acquisition, and construction of
multifamily apartment communities. Camden owns interests in and
operates 172 properties containing 58,702 apartment homes across
the United States. Upon completion of 6 properties currently under
development, the Company’s portfolio will increase to 60,652
apartment homes in 178 properties. Camden has been recognized as
one of the 100 Best Companies to Work For® by FORTUNE magazine for
16 consecutive years, most recently ranking #33.
For additional information, please contact Camden’s Investor
Relations Department at (713) 354-2787 or access our website at
camdenliving.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230531005957/en/
Kim Callahan, 713-354-2549
Camden Property (NYSE:CPT)
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