Camden Property Trust establishes new $500M ATM equity program with multiple managers

CAMDEN PROPERTY TRUST

New at-the-market agreements allow up to $500M in common share sales through Deutsche Bank, Scotia Capital, Truist, and Wells Fargo.
Program includes forward sales; company may physically settle for net cash proceeds or cash/net share settle.
Proceeds intended for general corporate purposes, including reducing $1.2B credit facility or $300M term loan borrowings.
Agents and forward sellers capped at 1.5% commission on gross sales price.
Company has no obligation to sell shares and may suspend offerings at any time.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CAMDEN PROPERTY TRUST entered into At the Market Sales Program Agreements with Deutsche Bank Securities Inc., Scotia Capital (USA) Inc., Truist Securities, Inc., Wells Fargo Securities, LLC valued at up to $500,000,000 (effective 2023-05-22).

Action: entry
Agreement: atm program
Counterparty: Deutsche Bank Securities Inc., Scotia Capital (USA) Inc., Truist Securities, Inc., Wells Fargo Securities, LLC
Value: up to $500,000,000
Effective: 2023-05-22

Exact text from the filing

on May 22, 2023, Camden Property Trust, a Texas real estate investment trust (the “Company”), entered into separate replacement “at the market” agreements (collectively, the “Agreements”) for the offer and/or sale of common shares of beneficial interest, par value $0.01 per share (“Common Shares”) with an aggregate offering price of up to $500,000,000

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CAMDEN PROPERTY TRUST filing history →

Source: SEC EDGAR

accession 0001193125-23-151658

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