The notes carry a 4.900% coupon, payable semiannually on February 28 and August 28 of each year beginning August 28, 2026, computed on a 30/360 day-count basis, and mature on February 28, 2036. The notes were priced at 99.936% of their principal amount to yield 4.908% to maturity, representing a spread of 0.85% (85 basis points) over the benchmark 4.125% U.S. Treasury note due February 15, 2036. The underwriting discount was 0.650% of the principal amount.
Camden Property Trust expects net proceeds of approximately $594.0 million from the offering, after underwriting discounts and offering expenses. The company intends to use the net proceeds to repay a portion of the outstanding balance on its $1.2 billion unsecured revolving credit facility and a portion of the amounts outstanding under its $600 million commercial paper program, with any remaining proceeds used for general corporate purposes, which may include property acquisitions and development, capital expenditures and working capital. The prospectus supplement discloses that certain underwriters or their affiliates are lenders under the revolving credit facility and/or holders of the company's commercial paper, and will therefore receive a portion of the offering proceeds through repayment of those obligations.
The notes are redeemable, in whole or in part, at any time prior to November 28, 2035 (three months ahead of the maturity date) at a make-whole redemption price equal to the greater of the full principal amount or the present value of remaining scheduled payments discounted at the applicable Treasury rate plus 15 basis points, plus accrued and unpaid interest. On or after November 28, 2035, the notes are redeemable at 100% of principal plus accrued and unpaid interest.
The notes carry expected ratings of A3 from Moody's, A- from S&P, and A- from Fitch, as disclosed in the final pricing term sheet, with the usual caveat that a rating is not a recommendation to buy, sell or hold the securities and may be revised or withdrawn.
BofA Securities, Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc. acted as joint book-running managers along with Truist Securities, Inc. and Wells Fargo Securities, LLC, which were also named joint book-running managers in the final pricing term sheet and prospectus supplement (expanding on the four lead underwriters previously identified in the 8-K). Regions Securities LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Mizuho Securities USA LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC served as senior co-managers, and M&T Securities, Inc. and Samuel A. Ramirez & Company, Inc. served as co-managers. Per the underwriting table in the prospectus supplement, principal amounts were allocated as follows: $67.5 million each to BofA Securities, J.P. Morgan Securities, PNC Capital Markets and U.S. Bancorp Investments; $42.0 million each to Truist Securities and Wells Fargo Securities; $36.0 million to Regions Securities; $30.0 million each to BMO Capital Markets, BNP Paribas Securities, Deutsche Bank Securities, Mizuho Securities, Scotia Capital and TD Securities; $18.0 million to M&T Securities; and $12.0 million to Samuel A. Ramirez & Company.
Dentons US LLP, Dallas, Texas, served as securities and tax counsel to Camden Property Trust and provided opinions regarding the legality of the notes and certain tax matters, including the company's qualification as a REIT. Sidley Austin LLP, New York, New York, acted as counsel to the underwriters in the offering.
The CUSIP/ISIN for the notes are 133131BC5 / US133131BC55. The notes were offered under Camden Property Trust's existing shelf registration statement (File No. 333-271865), with the base prospectus dated May 12, 2023.
The transaction settled on February 19, 2026, two business days after pricing, consistent with standard T+2 settlement for registered notes offerings. No independent closing confirmation filing (beyond the pricing term sheet and prospectus supplement reflecting the settlement date) was identified, so status is not being changed to closed in this update.