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Financial Results

Our second quarter performance remained strong. We saw growing momentum around a return to in-person work for most companies, which led to increased office leasing and production activity within our portfolio and markets. For the second quarter in a row, we signed over 500,000 square feet of office leases, which is in line with our long-term average activity, at healthy 12% cash rent spreads. We collected 99% of our contractual rents. We achieved same-store cash NOI growth of nearly 5% within our office portfolio, and nearly 30% within our studio portfolio, the latter of which underscores the acceleration in production relative to the onset of the pandemic. In light of all these trends, we've reinstated our full-year guidance, even while certain variables, like parking, remain challenging to predict.

I'm thrilled that we've recently announced two major transactions in furtherance of our Sunset Studios platform expansion—one in Los Angeles, the other in the UK. Both deals afford us the opportunity to develop and operate large-scale, state-of-the-art, purpose-built facilities. We're leveraging our deep expertise in this sector to align our plans with what today's and tomorrow's leading productions will require and desire, be it exceptional design, high-tech infrastructure or sustainable construction and operations.

Victor Coleman

Chairman & CEO, Hudson Pacific Properties





Quarterly & Annual Results