Obligation Camden Properties Trust 5% ( US133131AP77 ) en USD

Camden Properties Trust

100 % ⇌

Etas-Unis

US133131AP77 ( en USD )

5% par an ( paiement semestriel )

15/06/2015 - Obligation échue

Prospectus brochure de l'obligation Camden Property Trust US133131AP77 en USD 5%, échue

1 000 USD

250 000 000 USD

133131AP7

NR

NR

Camden Property Trust est une société de placement immobilier (REIT) américaine spécialisée dans la propriété, la gestion et le développement d'appartements de qualité supérieure dans des marchés de choix du sud et du sud-ouest des États-Unis.

L'obligation US133131AP77 émise par Camden Property Trust aux États-Unis, d'une valeur nominale de 250 000 000 USD, avec un taux d'intérêt de 5%, une maturité le 15/06/2015, un prix actuel de marché de 100%, une taille minimale d'achat de 1 000 USD et une fréquence de paiement semestrielle, est arrivée à échéance et a été remboursée, sans notation S&P ni Moody's.

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424B5 1 d25995b5e424b5.htm PROSPECTUS SUPPLEMENT
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Table of Contents
Filed pursuant to Rule 424(b)(5)
Registration No. 333-103119
Prospectus supplement to prospectus dated February 25, 2003

$250,000,000
5% Notes due 2015
We will pay interest on the Notes on June 15 and December 15 of each year, beginning December 15, 2005. The
Notes will mature on June 15, 2015. We may redeem the Notes in whole or in part at any time at the redemption
price described on page S-9. The Notes will be our direct, senior, unsecured obligations and will rank equally with all
of our other unsecured and unsubordinated indebtedness. The Notes will be issued only in denominations of $1,000
and in integral multiples of $1,000.
Investing in the Notes involves risk. See "Risk Factors" beginning on page 1 of the accompanying prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or passed upon the accuracy of this prospectus supplement or the
accompanying prospectus. Any representation to the contrary is a criminal offense.

Per Note
Total

Public offering price
99.369% $248,422,500
Underwriting discounts and commissions
0.650% $ 1,625,000
Proceeds, before expenses, to Camden Property Trust
98.719% $246,797,500
The public offering price set forth above does not include accrued interest, if any. Interest on the Notes will accrue
from June 7, 2005.
Joint Book-Running Managers

Deutsche Bank Securities

Wachovia Securities
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Wells Fargo Securities

Citigroup

Credit Suisse First

Boston

Comerica Securities
The date of this prospectus supplement is June 2, 2005.

We have not authorized any person to give any information or to make any representations other than those
contained or incorporated by reference in this prospectus supplement or the accompanying prospectus, and, if given
or made, you must not rely upon such information or representations as having been authorized. This prospectus
supplement and the accompanying prospectus do not constitute an offer to sell or the solicitation of an offer to buy
any securities other than the securities described in this prospectus supplement or an offer to sell or the solicitation of
an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful. Neither the
delivery of this prospectus supplement or the accompanying prospectus, nor any sale made under this prospectus
supplement and the accompanying prospectus shall, under any circumstances, create any implication that there has
been no change in our affairs since the date of this prospectus supplement or that the information contained or
incorporated by reference in this prospectus supplement or the accompanying prospectus is correct as of any time
subsequent to the date of such information.
TABLE OF CONTENTS

Prospectus Supplement

Summary
S-3
Use of Proceeds
S-6
Ratio of Earnings to Fixed Charges
S-6
Capitalization
S-7
Description of the Notes
S-8
Federal Income Tax Consequences
S-15
Underwriting
S-17
Legal Matters
S-18
Experts
S-18

Prospectus

Risk Factors

1
Where You Can Find More Information

6
The Company

7
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Cautionary Statement Concerning Forward-Looking Statements

7
Use of Proceeds

8
Description of Capital Shares

8
Description of Warrants

9
Description of Debt Securities

9
Plan of Distribution

15
Ratio of Earnings to Fixed Charges

16
Federal Income Tax Considerations and Consequences of Your Investment

16
Legal Matters

31
Experts

31
S-2
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Table of Contents
SUMMARY
This summary is not complete and may not contain all of the information that may be important to you in
deciding whether to invest in the Notes. To understand this offering fully, you should carefully read the entire
prospectus supplement and the accompanying prospectus and the documents incorporated by reference.
Our Business
We are one of the largest real estate investment trusts in the nation with operations related to the ownership,
development, construction and management of multifamily apartment communities. As of March 31, 2005, we
owned interests in, operated or were developing 202 multifamily properties containing 70,071 apartment homes
located in 13 states. At March 31, 2005, we had two recently completed multifamily properties containing 688
apartment homes in lease-up. At such date, we also had 3,625 apartment homes under development at ten of our
multifamily properties, including 464 apartment homes at one multifamily property owned through a joint
venture. We had two properties containing 885 apartment homes that were designated as held for sale. We also
have several sites that we intend to develop into multifamily apartment communities.
Merger Completed. On February 28, 2005, we completed our merger with Summit Properties Inc. The
merger diversified our property portfolio with the addition of new East Coast markets, including Southeast
Florida, Washington, D.C. and Atlanta, and expanded our portfolio in existing and other markets. The merger
has reduced our concentration in Las Vegas, Houston and Dallas.
Properties. The following table summarizes our multifamily property portfolio as of March 31, 2005,
excluding land held for future development:

March 31, 2005

Apartment Homes Properties
Operating Properties

Las Vegas, Nevada (a) (c)

9,193
32
Dallas, Texas (c)

8,359
23
Houston, Texas (c)

6,810
15
Tampa, Florida

6,089
13
Charlotte, North Carolina (b)

4,793
19
Atlanta, Georgia

3,633
11
D.C. Metro

2,882
9
Raleigh, North Carolina (b)

2,631
7
Denver, Colorado (a)

2,529
8
Orlando, Florida

2,522
6
Southeast Florida

2,520
7
Phoenix, Arizona (c)

2,433
8
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Los Angeles/Orange County, California (c)

2,191
5
St. Louis, Missouri

2,123
6
Austin, Texas

1,745
6
Louisville, Kentucky

1,448
5
Corpus Christi, Texas

1,410
3
San Diego/Inland Empire, California

846
3
Other

2,289
6

Total Operating Properties

66,446
192

Properties Under Development

D.C. Metro

1,996
5
Raleigh, North Carolina

484
1
Orlando, Florida

366
1
San Diego/Inland Empire, California

350
1
Dallas, Texas

284
1
Charlotte, North Carolina

145
1

Total Properties Under Development

3,625
10

Total Properties

70,071
202

Less: Joint Venture Properties (a) (b) (c)

10,248
34

Total Properties Owned 100%

59,823
168

S-3
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Table of Contents
(a) Includes properties held in joint ventures as follows: one property with 320 apartment homes in Colorado
in which we own a 50% interest, the remaining interest is owned by an unaffiliated private investor; 16
properties with 4,227 apartment homes in Nevada in which we own a 20% interest, the remaining interest
is owned by an unaffiliated private investor; and one property with 464 units currently under development
in Virginia in which we own a 20% interest, the remaining interest is owned by an unaffiliated private
investor.
(b) Includes properties held in joint ventures acquired through the merger with Summit as follows: three
properties with 792 apartment homes in Charlotte; and one property with 411 apartment homes in Raleigh
in which we own a 25% interest, the remaining interest is owned by an unaffiliated private investor.
(c) Includes properties held in joint ventures entered into in 2005 as follows: one property with 456 apartment
homes in Dallas; three properties with 1,216 apartment homes in Houston; four properties with 992
apartment homes in Phoenix; one property with 421 apartment homes in Orange County, California; and
three properties with 949 apartment homes in Las Vegas. Each property is held individually in a joint
venture in which we hold a 20% interest. The remaining interest is owned by an unaffiliated private
investor.
S-4
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Table of Contents
The Offering
For a more complete description of the Notes specified in the following summary, please see "Description of
the Notes" in this prospectus supplement and "Description of Debt Securities" in the accompanying prospectus.

Securities offered
$250,000,000 aggregate principal amount of 5% Notes due 2015

(the "Notes").

Maturity

June 15, 2015.
Interest payment dates
Semi-annually in arrears on June 15 and December 15,

commencing on December 15, 2005.

Ranking

The Notes:

· will be our direct, senior, unsecured obligations;

· will rank equally with each other and with all of our other unsecured
and unsubordinated indebtedness from time to time outstanding; and

· will be effectively subordinated to our mortgages and our other secured
indebtedness and to indebtedness and other liabilities of our
subsidiaries.

Use of proceeds
We intend to use the net proceeds of approximately $246,697,500
from the sale of the Notes, after deducting the underwriting
discount and other expenses, to repay an equal amount of the
outstanding balance on our unsecured line of credit. See "Use of

Proceeds."

Optional redemption
We may redeem some or all of the Notes at any time or from time
to time at the redemption price set forth on page S-9 in the section

entitled "Description of the Notes--Optional Redemption."

Covenants
We will issue the Notes under an indenture with SunTrust Bank.

The indenture, among other things, restricts our ability to:

· borrow money;

· use assets as security in other transactions; and
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· sell certain assets or merge into other companies.
S-5
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Table of Contents
USE OF PROCEEDS
We estimate that we will receive net proceeds of approximately $246,697,500 from the sale of the Notes offered
by this prospectus supplement, after deducting the underwriting discount and other expenses related to this offering.
We intend to use the net proceeds to repay an equal amount of the outstanding balance under our unsecured line of
credit. Our line of credit matures in January 2008. The scheduled interest rate on the line of credit is currently based
on spreads over LIBOR or Prime. The scheduled interest rate spreads are subject to change as our credit ratings
change. Advances under our line of credit may be priced at the scheduled rates or we may enter into bid rate loans
with participating banks at rates below the scheduled rates. These bid rate loans have terms of six months or less and
may not exceed the lesser of $300 million or the remaining amount available under the line of credit. Affiliates of
some of the underwriters of this offering are lenders under the line of credit and, upon application of the net proceeds
from this offering of the Notes, each will receive its proportionate share of the amount of the line of credit to be
repaid.
RATIO OF EARNINGS TO FIXED CHARGES
The ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred
distributions for each of our last five fiscal years and the three months ended March 31, 2005 are presented below.
We computed our ratios of earnings to fixed charges by dividing earnings by fixed charges. We computed our ratios
of earnings to combined fixed charges and preferred share dividends by dividing earnings by the sum of fixed
charges and preferred share dividend requirements. For these purposes, earnings have been calculated by adding
fixed charges to income from continuing operations before income taxes. Fixed charges consist of interest costs, the
interest portion of rental expense, other than on capital leases, estimated to represent the interest factor in this rental
expense and the amortization of debt discounts and issue costs.

Three months

ended

Year ended December 31,

March 31,

2004(5)
2003(4)
2002
2001(3)
2000(2)
2005(1)

Ratio of earnings to fixed charges
1.25x 1.11x 1.33x 1.57x 1.60x
5.93x
Ratio of earnings to combined fixed
charges and preferred share dividends
1.25x 1.11x 1.33x 1.55x 1.55x
5.93x
(1) Earnings include a $132,128,000 impact related to gain on sales of properties. Excluding this impact, such
ratios would be 1.52x.
(2) Earnings include a $18,323,000 impact related to gain on sales of properties. Excluding this impact, such ratios
would be 1.41x and 1.37x.
(3) Earnings include a $2,372,000 impact related to gain on sales of properties. Excluding this impact, such ratios
would be 1.54x and 1.53x.

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