EXHIBIT 99.1
NEWS FROM ARDEN REALTY
FOR IMMEDIATE RELEASE
CONTACT: Daniel Bothe, Senior Vice President and Co-Chief Financial Officer and
Richard Davis, Senior Vice President and Co-Chief Financial Officer
(310) 966-2600
ARDEN REALTY ISSUES $100 MILLION OF SENIOR UNSECURED NOTES
November 20, 2000
Arden Realty, Inc. (NYSE:ARI) today announced that Arden Realty Limited
Partnership has successfully placed $100 million of 8.5% senior unsecured notes
due November 15, 2010. The securities have been rated Baa3 by Moody's and BBB-
by Standard & Poor's.
Total proceeds to the company, net of underwriting fees and other expenses, will
be approximately $98.1 million. Including amortizing offering expenses, the cost
of the senior unsecured notes offering is approximately 8.74%. Proceeds will be
used to pay off the company's floating rate secured construction loan and to pay
down borrowings under its existing credit facility.
These notes were issued in a private placement and resold in reliance upon an
exemption from registration provided by Rule 144A of the Securities Act of 1933.
The notes will not be, and have not been, registered under the Securities Act
and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the Securities Act.
As part of issuing these notes, the company agreed to file a registration
statement with the Securities and Exchange Commission enabling the holders of
the notes to exchange the privately placed notes for publicly traded notes.
Arden Realty, Inc. is a self-administered, self-managed REIT which owns,
manages, leases, develops, renovates and acquires commercial properties located
in Southern California. Arden is the largest office landlord in Southern
California, with approximately 18.7 million net rentable square feet. For more
information on the company, visit the Arden website at www.ardenrealty.com.