Disciplined investing allows us to deliver for our shareholders

Financial Results

Hudson Pacific remains very well positioned as we continue to navigate the pandemic and look to a return to office for most of our tenants by year-end or early 2022. Our studio and office tenants continue to pay rent and any deferrals. After completing nearly 320,000 square feet of office leasing this quarter with positive rent spreads, our stabilized office portfolio leased percentage remains north of 92%, and our remaining 2021 expirations equate to less than 2% of our annualized base rent. A further sign of our portfolio's resiliency, we achieved robust double digit same-store office and studio cash NOI growth—nearly 11% and 46%, respectively.

In addition to office leasing, we have been very focused on the continued expansion of our studio portfolio, and successfully executed on multiple transactions in the third quarter. We announced two new Sunset Studios locations—our Sunset Glenoaks Studios development in the Los Angeles area and our Sunset Waltham Cross Studios development in the UK. We also purchased Star Waggons and Zio Studio Services in two separate transactions, enabling us to provide enhanced services to our studio clients and capture additional on- and off-lot production-related revenue.

Victor Coleman

Chairman & CEO, Hudson Pacific Properties

Quarterly & Annual Results