CAMDEN PROPERTY TRUST (NYSE:CPT) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k

6 years ago

CAMDEN PROPERTY TRUST (NYSE:CPT) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.

On September14, 2018, Camden Property Trust, a Texas real estate investment trust (the “Company”), Camden Summit Partnership, L.P., a Delaware partnership (the “Partnership”), and Camden Summit Inc., a Delaware corporation, a wholly-owned subsidiary of the Company and the general partner of the Partnership (“General Partner”), entered into an agreement (the “Agreement”) with certain holders of common units of limited partnership interest in the Partnership (each, a “Unitholder”), including William F. Paulsen and William B. McGuire,Jr., each of whom is a member of the Board of Trust Managers of the Company.

The Company, the Partnership, General Partner and each Unitholder are parties to the Tax, Asset and Income Support Agreement, dated as of February28, 2005 (the “Tax Protection Agreement”). to the Tax Protection Agreement, the Partnership agreed to maintain until February28, 2020 (the “Protection Period”) secured indebtedness in an amount at least equal to the amount of income and gain which would be required to be recognized by each Unitholder (the “Required Debt Amount”) or to reimburse such Unitholder for the amount of income taxes which would be incurred by him from the repayment of the indebtedness (the “Reimbursement Obligation”).

In order to facilitate the repayment by the Partnership of secured debt, the Partnership has obtained an unsecured loan in the original principal amount of $100,000,000 (the “Loan”), which is guaranteed by the Company. to the Agreement, each Unitholder has entered into an indemnification agreement in the form attached as ExhibitB to the Agreement to which such Unitholder agreed to indemnify the Company with respect to a portion of the Loan equal to his Required Debt Amount and the Partnership agreed to extend the Protection Period for such Unitholder by two years for each year his indemnification agreement remains in place. The Agreement provides the consummation of these transactions satisfies the Reimbursement Obligation of the Partnership with regard to the Unitholder.

The descriptions herein of the Agreement and the Tax Protection Agreement are qualified in their entirety, and the terms therein are incorporated herein, by reference to the Agreement and the Tax Protection Agreement filed as Exhibits 99.1 and 99.2 hereto, respectively.

CAMDEN PROPERTY TRUST ExhibitEX-99.1 2 a18-30110_1ex99d1.htm EX-99.1 Exhibit 99.1 AGREEMENT THIS AGREEMENT (this Agreement) is entered into effective as of September 14,…To view the full exhibit click here
About CAMDEN PROPERTY TRUST (NYSE:CPT)
Camden Property Trust is a real estate investment trust (REIT). The Company is engaged in the ownership, management, development, redevelopment, acquisition and construction of multifamily apartment communities. The Company operates in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities segment. The Company owns interests in, operates, or is developing approximately 180 multifamily properties consisting of approximately 62,650 apartment homes across the United States. Of the over 180 properties, approximately eight properties are under construction. It also owns land holdings. Its properties consist of mid-rise buildings or two and three story buildings in a landscaped setting and provide residents with various amenities common to multifamily rental properties. Its operating properties have over 200 apartment homes. Its properties include Camden Copper Square, Camden Montierra and Camden Ballantyne.