Camden Property Trust (NYSE:CPT) announced today operating results for the three and six months ended June 30, 2019. Net Income Attributable to Common Shareholders ("EPS"), Funds from Operations ("FFO"), and Adjusted Funds from Operations ("AFFO") for the three and six months ended June 30, 2019 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

"We are pleased to report another solid quarter of results for our company," said Richard J. Campo, Camden's Chairman and CEO. "Same property NOI growth and FFO per share were both better than anticipated for the second quarter. As a result, we have increased the midpoint of our 2019 FFO guidance by $0.02 to $5.09 per share, and raised the midpoint of our 2019 expected same property NOI growth from 3.40% to 3.75%."

During the quarter, Camden acquired approximately 4.3 acres of land in Charlotte, NC for approximately $10.9 million for the future development of approximately 400 apartment homes and acquired approximately 11.6 acres of land in Tempe, AZ for approximately $18.0 million for the future development of approximately 400 apartment homes. The Company also acquired Camden Rainey Street, a 326-home apartment community located in Austin, TX for approximately $120.4 million.

In June 2019, the Company issued $600.0 million senior unsecured notes under its existing shelf registration statement. These ten-year notes were offered to the public at 99.751% of par value with a coupon of 3.150%. After giving effect to the settlement of the swap agreements which will be recognized over the first seven years of the notes and deducting the underwriting discounts and other estimated expenses of the offering, the effective annual interest rate on the notes is approximately 3.84% through June 2026, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%. The Company received net proceeds of approximately $593.4 million, net of underwriting discounts and other estimated offering expenses.

On July 24, 2019, Camden's Board of Trust Managers appointed D. Keith Oden from President to Executive Vice Chairman of the Board, and H. Malcolm Stewart from Chief Operating Officer to President and Chief Operating Officer. Mr. Oden will retain his current role of providing strategic leadership, communicating and implementing the Company's mission, and managing the Company's operations. Mr. Stewart will continue to report to Mr. Oden and will retain his current responsibilities for overseeing the Company's property operations, construction and facilities projects, strategic and business programs, and other day-to-day operational functions. These changes recognize Mr. Stewart's long-term contributions to Camden's success and, as part of good corporate governance and long-term succession planning, are intended to create an avenue for future promotions of other existing senior-level executives.

Friday, July 26, 2019 at 10:00 AM CT
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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 (the "Company") 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. Factors which may cause the Company's actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading "Risk Factors" in Camden's Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today's press release represent management's current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

Camden Property Trust, an S&P 400 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 165 properties containing 56,271 apartment homes across the United States. Upon completion of 6 properties currently under development, the Company's portfolio will increase to 58,077 apartment homes in 171 properties. Camden was recently named by FORTUNE Magazine for the 12th consecutive year as one of the 100 Best Companies to Work For^® in America, ranking #19.

For additional information, please contact Camden's Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.