SANTA MONICA, Calif.,
Sept. 1, 2017 /PRNewswire/
-- Douglas Emmett, Inc. (NYSE:DEI), a real estate investment
trust (REIT), announced that it paid off a $342 million loan on September 1, 2017 upon the expiration of its
prepayment penalty. The loan bore interest at 4.46% per annum
and was scheduled to mature on March 1,
2020.
To fund the payoff, Douglas
Emmett used some available cash and sold an additional
$250 million of its common stock
during August under its ATM program. Having paid off its last
high interest loan, Douglas Emmett
has completed its debt reduction program and related sales of
common stock.
Douglas Emmett has reduced its
net debt to enterprise value to 32%, and lowered its average annual
fixed interest rate to 3.08%. One-third of Douglas Emmett's wholly-owned office portfolio
is now debt free. Douglas
Emmett continues to have no corporate level debt and is not
subject to any financial covenants.
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.