Camden Property Trust to acquire 22 multifamily communities from TRS for $1.1B; expects $0.08 FFO accretion

CAMDEN PROPERTY TRUST

Purchase price ~$1.1B for TRS's 68.7% interest; Camden currently owns 31.3%.
Assets include 22 multifamily communities with 7,247 apartment homes, avg age 12 years, Sunbelt markets.
Expected initial FFO yield ~4.25%; 2022 FFO accretion of ~$0.08 per share.
Transaction expected to close early Q2 2022; funded via cash on hand and $900M line of credit.
CEO Richard J. Campo: 'We have operated these communities for many years and are excited.'

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