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Financial Results

Our third quarter and year-to-date results highlight solid momentum across all aspects of our business, whether in terms of leasing, operations, development, capital recycling or balance sheet management. We signed another half a million square feet of leases this quarter with exceptional rent spreads. This strong execution, coupled with excellent West Coast office and studio fundamentals, contributed to robust NOI growth at our same-store properties, and to our decision to raise guidance assumptions in relation to those properties yet again. In addition, recent development and redevelopment deliveries, including our fully pre-leased EPIC project earlier this month, are now poised to contribute substantially to our non-same-store property NOI growth starting in the fourth quarter and beyond.

Specific to our balance sheet, during and subsequent to the quarter, we continued to address near-term maturities, further improving our credit profile and liquidity. We used net proceeds from our Campus Center sale and our third successful public debt offering to either repay or improve terms on our outstanding indebtedness. Shortly thereafter, we received an upgrade to Baa2 with a stable outlook from Moody's. We now have only $65.0 million maturing next year, with no maturities thereafter until 2022, and over $900.0 million of immediate liquidity to support our growth objectives and business plan.

Victor Coleman

Chairman & CEO, Hudson Pacific Properties

Quarterly & Annual Results