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Financial Results

As the COVID-19 pandemic took hold, we finished up a solid first quarter, signing over a quarter million square feet of new and renewal leases with robust GAAP and cash rent growth of 31% and 20%, respectively. Our stabilized and in-service portfolios were well leased at 95.9% and 94.8%, respectively, and we made further progress on addressing our limited 2020 expirations, which as of the end of the quarter equated to just 4.8% of our Company's Share of ABR. We also had healthy growth in our same-store office property cash NOI of nearly 8%, and our studio property cash NOI of 9.5%, after adjusting for a 2019 one-time inactive fee payment.

That said, for well over two months now, we've been laser focused on navigating and mitigating the potential impacts of the COVID-19 pandemic upon our business. We've followed local, state and federal guidelines, while swiftly implementing work-from-home policies for our employees, and new cleaning and safety practices to enable our buildings to stay open and operational for essential business tenants. We're pleased to have collected 95% of our office and studio April rents. Our balance sheet is strong—we have $1.1 billion of liquidity with no maturities prior to 2022, except our $65 million Met Park North loan later this year. With only $364 million earmarked to complete our two under construction projects, Harlow and One Westside, which are, in aggregate, 85% pre-leased, the vast majority of cash on hand is available to fund our operations and/or for capital preservation, as needed.

Victor Coleman

Chairman & CEO, Hudson Pacific Properties



Quarterly & Annual Results