SANTA MONICA, Calif., Dec. 23, 2016 /PRNewswire/ -- Douglas Emmett, Inc. (NYSE: DEI), a real estate investment trust (REIT), announced that it has closed on two loans totaling $520 million in proceeds. Douglas Emmett used the proceeds from these loans, plus cash on hand, to pay off its existing $530 million loan scheduled to mature in August 2018.
The first loan is a secured, non-recourse $220 million interest only loan that matures in December 2023. The loan bears interest at Libor plus 1.70%, which has been fixed at 3.62% per annum until December 2021 through an interest rate swap. The loan is secured by a pool of six office properties.
The second loan is a secured, non-recourse $300 million interest only loan that matures in January 2024. The loan bears interest at Libor plus 1.55%, which has been fixed at 3.46% per annum until January 2022 through an interest rate swap. The loan is secured by a single office property and its associated retail space.
Douglas Emmett has completed the refinancing of all of its debt scheduled to mature in 2016 and 2017, and three quarters of its debt originally scheduled to mature in 2018.
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.