Douglas Emmett Obtains $325 Million Term Loan Fixed At 2.35%
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 at www.douglasemmett.com.
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.