Houston–Camden Property Trust recently created an equity share offering program through which it can sell common shares having an aggregate offering price of up to $250 million. The common shares will be offered through Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC, all of which will be acting as sales agents.
“This is an example of an equity shelf program, that allows REITS to access smaller amounts of capital than in a typical follow-on offering,” Dennis Steen, Camden’s CFO. “Equity shelf programs, for example, can be used to make a series of small acquisitions, as well as for balance sheet maintenance and de-levering,” he says, noting that many REITs have used the method recently.
Camden owns interests in and operates 183 properties containing 63,286 apartments in the U.S.