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Douglas Emmett Obtains $400 Million Term Loan All-in Rate of 4.45%

^{Published on 2010-09-30 18:00:20 - Market Wire}
 

SANTA MONICA, Calif.--([ BUSINESS WIRE ])--Douglas Emmett, Inc. (NYSE: DEI), a real estate investment trust (REIT), announced that it has obtained a seven-year, non-recourse $400 million term loan. The $400 million loan bears interest at a floating rate equal to LIBOR plus 200 basis points, but the Company has entered into an interest rate swap contract that effectively fixes the interest rate at 4.45% until July 1, 2015. The loan facility matures on September 30, 2017.

The term loan is secured by six of the Companya™s office properties in Los Angeles and by Bishop Square in Honolulu. The Company acquired Bishop Square on June 29, 2010 for a contract price of $232 million using the Companya™s available cash on hand and its revolving credit facility. A portion of the proceeds of the new loan has been utilized to fully repay the outstanding balance of the Companya™s credit facility, which has been retired. The balance of the loan proceeds will be retained for other corporate opportunities.

About Douglas Emmett, Inc.

Douglas Emmett, Inc. (NYSE: 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 premier submarkets in Southern California and Hawaii. The Companya™s properties are concentrated in ten submarkets a" Brentwood, Olympic Corridor, Century City, Santa Monica, Beverly Hills, Westwood, Sherman Oaks/Encino, Warner Center/Woodland Hills, Burbank and Honolulu. The Company 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. The Company maintains a website at [ www.douglasemmett.com ].

Safe Harbor Statement

Except for the historical facts, the statements in this press release regarding Douglas Emmetta™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 aRisk Factorsa in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission.