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Press Release

Douglas Emmett Obtains New $335 Million Loan, Pays Off Two Loans Totaling $426 Million

Company Release - 2/8/2018 4:01 PM ET

SANTA MONICA, Calif., Feb. 8, 2018 /PRNewswire/ -- Douglas Emmett, Inc. (NYSE:DEI), a real estate investment trust (REIT), announced that it has closed a secured, non-recourse $335 million interest only loan that will mature in March 2025.  The loan bears interest at Libor plus 1.30%, which has been effectively fixed at 3.84% per annum through March 2023 using interest rate swaps.  

Douglas Emmett used the loan proceeds, plus its secured line of credit, to retire a total of $426 million in debt comprised of a $146.5 million loan scheduled to mature in February 2019 and a $279.8 million loan scheduled to mature in June 2019. 

With the exception of the loan secured by its Moanalua development, Douglas Emmett's next term loan maturity is not until 2022.  Almost half of Douglas Emmett's wholly owned properties are currently debt free.

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
310.255.7751 smcelhinney@douglasemmett.com

 

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SOURCE Douglas Emmett, Inc.