SANTA MONICA, Calif., Dec. 20, 2017 /PRNewswire/ -- Douglas Emmett, Inc. (NYSE :DEI ), a real estate investment trust (REIT), announced that one of its consolidated joint ventures has closed a secured, non-recourse $400 million interest only loan that will mature in December 2024. The loan bears interest at Libor plus 1.30%, and the rate has been effectively fixed at 3.47% per annum through December 2022 using an interest rate swap. The new loan is secured by the pool of five office properties owned by the joint venture.
Douglas Emmett used the loan proceeds to retire the existing $365.5 million joint venture loan which had been scheduled to mature in July 2019.
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.
SOURCE Douglas Emmett, Inc.