Camden Property Trust Closes $500 Million Term Loan

Business Wire, Oct 9, 2007

HOUSTON -- Camden Property Trust (NYSE:CPT) today announced that it has entered into a $500,000,000 unsecured term loan facility with an interest rate of LIBOR plus 50 basis points. The initial term of the credit facility is three years, and it may be extended at the Company's option for two one-year periods. Concurrently with the closing of this transaction, the Company entered into an interest rate swap with JPMorgan Chase Bank, N.A. and Bank of America, N.A. pursuant to which the LIBOR interest rate under the Credit Agreement is fixed for five years at 4.74% per annum. The resulting effective fixed interest rate for the term loan is 5.24%. The Company intends to use the proceeds from such facility to pay in full its $250,000,000 unsecured bridge facility, fund new multifamily developments and acquisitions, and for general corporate purposes.

"We are very pleased with the execution of this transaction," said Richard J. Campo, Chairman and Chief Executive Officer of Camden. "We were well oversubscribed receiving commitments from 16 different financial institutions totaling $690 million, which allowed us to upsize the facility from $300 million to $500 million. Additionally, the utilization of an interest rate swap allowed us to lock in 5 year money at a favorable rate compared to the pricing we would have received in the unsecured bond market."

Banc of America Securities LLC and J.P. Morgan Securities Inc., served as Joint Lead Arrangers and Joint Bookrunners for the offering. Bank of America, N.A., is the administrative agent, JPMorgan Chase Bank, N.A., is the syndication agent, Deutsche Bank Trust Company Americas, Regions Bank and UBS Loan Finance LLC are the Documentation Agents, and Credit Suisse (Cayman Islands Branch), ING Real Estate Finance (USA) LLC, Morgan Stanley Bank, National City Bank, and PNC Bank, National Association are Managing Agents.

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 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.

Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 186 properties containing 64,191 apartment homes across the United States. Upon completion of 12 properties under development, the Company's portfolio will increase to 67,973 apartment homes in 198 properties. For additional information, please contact Camden's Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at Camdenliving.com.