SANTA MONICA, Calif.--(BUSINESS WIRE)--Douglas Emmett, Inc. (NYSE: DEI), a real estate investment trust (REIT), announced today that it has refinanced a $400 million loan previously scheduled to mature in July 2024. The new secured, non-recourse $450 million interest-only loan will mature in May 2027 and bears interest at Libor plus 1.35%. Douglas Emmett secured interest rate swaps that effectively fix the rate at 2.26% following the expiration of the current swap, for an average fixed interest rate of 2.60% per annum through April 2025.

This refinancing represents another step in the strategic balance sheet program announced a year ago. Since that time, Douglas Emmett has refinanced approximately $2.4 billion in debt, adding almost five years to the average term and reducing the current interest rate by 35 basis points to 2.71%. Douglas Emmett has no loan maturities before 2023, has fixed all of its floating rate debt, and has increased its pool of unencumbered properties available for future financings to 41% of its office portfolio. Douglas Emmett will continue to monitor interest rates and spreads for further opportunities.

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.