Douglas Emmett Obtains $325 Million Term Loan Fixed At 2.35%
SANTA MONICA, Calif., April 30, 2013
SANTA MONICA, Calif., April 30, 2013 /PRNewswire/ -- Douglas Emmett, Inc.
(NYSE:DEI), a real estate investment trust (REIT), announced that one of its
unconsolidated real estate funds, in which Douglas Emmett owns approximately
69% of the equity, has closed a non-recourse $325 million term loan. The new
loan is payable interest only until it matures on May 1, 2018. Although the
interest on the loan floats at LIBOR plus 175 basis points, it has been
effectively fixed at 2.35% per annum until May 1, 2017. The unconsolidated
fund used the proceeds of the loan and $40 million of cash to refinance its
outstanding $365 million loan.
About Douglas Emmett, Inc.
Douglas Emmett, Inc. (DEI) is a fully integrated, self-administered and
self-managed real estate investment trust (REIT), and one of the largest
owners and operators of high-quality office and multifamily properties located
in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett
focuses on owning and acquiring a substantial share of top-tier office
properties and premier multifamily communities in neighborhoods that possess
significant supply constraints, high-end executive housing and key lifestyle
amenities.For more information about Douglas Emmett, please visit our website
Safe Harbor Statement
Except for the historical facts, the statements in this press release
regarding Douglas Emmett's business activities are forward-looking statements
based on the beliefs of, assumptions made by, and information currently
available to us about known and unknown risks, trends, uncertainties and
factors that are beyond our control or ability to predict. Although we believe
that our assumptions are reasonable, they are not guarantees of future
performance and some will inevitably prove to be incorrect.As a result, our
actual future results can be expected to differ from our expectations, and
those differences may be material.Accordingly, investors should use caution
in relying on forward-looking statements to anticipate future results or
trends.For a discussion of some of the risks and uncertainties that could
cause actual results to differ from those contained in the forward-looking
statements, see "Risk Factors" in our Annual Report on Form 10-K filed with
the U.S. Securities and Exchange Commission.
Stuart McElhinney, Vice President – Investor Relations
SOURCE Douglas Emmett, Inc.
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