Sep. 16, 2009 (Business Wire) -- As previously announced, Camden Property Trust (NYSE: CPT) and the Equal Rights Center (“ERC”) have entered into a settlement agreement in connection with a lawsuit filed by the ERC in 2007. Costs related to the settlement were previously accrued and reserved by Camden. Pursuant to the settlement agreement Camden has also entered into a multi-year educational and training program with the ERC. Future costs related to the educational, training and consulting program administered by the ERC are not expected to have a material impact on Camden’s future earnings. As part of the settlement, Camden has agreed to survey approximately 6,500 Camden apartment homes to determine compliance with applicable accessibility requirements and to make improvements to the surveyed apartment homes as necessary. Based on Camden’s preliminary investigations, the estimated cost of capital improvements to the surveyed apartment homes to meet accessibility requirements is not expected to be material.
In September 2007, the ERC filed a lawsuit against Camden and one of its wholly-owned subsidiaries in the United States District Court for the District of Maryland. This suit alleged various violations of the Fair Housing Act and the Americans with Disabilities Act by Camden in the design, construction, control, management, and/or ownership of various multifamily properties. The ERC sought compensatory and punitive damages in unspecified amounts, an award of attorneys’ fees and costs of suit, as well as preliminary and permanent injunctive relief that included modification of existing assets and prohibiting construction or sale of noncompliant units or complexes. Both parties entered into a consent decree agreement on September 14, 2009, pursuant to which the lawsuit was resolved.
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, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 182 properties containing 62,946 apartment homes across the United States. Upon completion of three properties under development, Camden’s portfolio will increase to 63,658 apartment homes in 185 properties. Camden was recently named by FORTUNE® Magazine for the second consecutive year as one of the “100 Best Companies to Work For” in America.
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.
