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Financial Results

Ongoing shutdowns have to date slowed a West Coast recovery, but we're starting to see some positive momentum with the easing of restrictions for non-essential businesses in San Francisco and schools in Los Angeles. Despite any headwinds, and the related impact to fundamentals across our markets, we had a highly productive third quarter. With a fortified balance sheet, over $1.3 billion of liquidity and well-aligned, well-capitalized JV partners, we're still optimally positioned to operate and grow our platform strategically and effectively through the pandemic and beyond.

Our office and studio properties remain fully open and operational with industry-leading health and safety protocols in place. After Labor Day, we successfully returned 100% of our workforce to our offices in rotating shifts. We collected 97% of our total third quarter rents, including 98% of office and 100% of studio rents, with these trends continuing into October. Our third quarter leasing activity accelerated to nearly 185,000 square feet of deals, including a noteworthy new lease and expansion with Google in San Francisco. We also continued to achieve pre-COVID cash rent spreads of 29%, or 25% excluding any short-term deals.

We've hit several major milestones within our development pipeline over the last four months. We obtained our Certificate of Occupancy for Harlow and topped off structural steel at One Westside. Most recently, we received unanimous full approval of our master plan for Sunset Gower, which enables us to commence pre-leasing efforts and ultimately build with our partner Blackstone another nearly half-a-millionsquare- feet, replicating our success at Sunset Bronson. Now over 50% of our 2.7 million-square-foot future development pipeline is fully entitled and will be ready to build as we emerge from the current crisis.

Victor Coleman

Chairman & CEO, Hudson Pacific Properties



Quarterly & Annual Results