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Camden Property Trust Retires $185.2 Million of Secured Variable Rate Debt
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HOUSTON--(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.
our culture, our way of life, the camden way camden is recognized by fortune® magazine as one of the "100 best companies to work for" in the country! we are the only multifamily company to ever be included on fortune's famous list . continuously motivated by our core values, camden’s dynamic culture is at the heart of our success, and at the heart of our culture are our people. within camden our highest priority is the successful growth of every camden associate, as that is the foundation for building focused, effective teams and creating an exciting and impactful work environment. we offer exceptional benefits geared toward each employee’s professional development, which includes training programs, mentoring, networking, committee opportunities, community service and team events. our engagement with our employees in addition to our shared values (including our commitment to fun!) directly affects our success, making camden an industry leader and one of the nation’s best employers .
