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Financial Results

The expansion of major tech and media companies fueled another record year for office and studio fundamentals across our West Coast markets. Against this backdrop, we successfully tackled our largest expiration year ever, with 9% of our office portfolio, or 1.2 million square feet, rolling as of the end of 2018. In 2019, we signed over 2.5 million square feet of deals with 23% cash rent spreads within our office portfolio. This, coupled with improved occupancy and rents at our studios, and the on-time and on-budget deliveries of two fully pre-leased value creation projects, drove key performance metrics year-over-year, including over 9% FFO per share and nearly 7% same-store property cash NOI growth.

We expect market conditions to remain tight in 2020. This year, only 6% of our office portfolio, or 860,000 square feet will roll. Collectively, our 2020 expirations are 17% below market, and we already have coverage, that is, deals in leases, LOIs or proposals, on 45% of that space. Our 2020 FFO guidance midpoint represents a more than 7.4% year-over-year increase, attributable to the continued strength of leasing and operations throughout our entire portfolio, as well as the meaningful contribution of major lease commencements at our recently delivered EPIC and Maxwell projects.

Victor Coleman

Chairman & CEO, Hudson Pacific Properties


Quarterly & Annual Results