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Financial Results

Global tech and media companies continue to expand significantly across our West Coast markets. Supply of sound stages, production facilities and large-block, Class A office space is increasingly constrained, driving both notable rent growth and absorption throughout our portfolio. We are on pace for one of our strongest office leasing years ever, signing over 1.5 million square feet year-to-date with nearly 30% cash rent spreads. Our Bay Area assets, which generate over 65% of our annualized base rent, continue to shine as well, and were the biggest driver, over 80%, of office leasing activity this quarter. We are bullish about the performance of both our office and studio segments through year end, and have therefore increased the full-year cash NOI guidance for our same-store portfolios.

On the capital recycling front, we added a large repositioning office asset in Vancouver, and two prime downtown office development sites to our pipeline—one in Seattle, the other in Vancouver, while selling our Campus Center land and improvements in Milpitas. Today, we have nearly 1.0 million square feet of office development and redevelopment projects underway in Los Angeles, which are 89% pre-leased. Our future development pipeline, which consists of many of the best land sites across our markets, all carried at very attractive bases, now totals over 2.7 million square feet.

Victor Coleman

Chairman & CEO, Hudson Pacific Properties

Quarterly & Annual Results