2025 was a breakthrough year for Hudson Pacific as we fundamentally transformed our capital structure and significantly enhanced our operating efficiency. We executed nearly $330 million of strategic asset sales, completed more than $2 billion of proactive capital transactions that extended our maturity runway and nearly doubled our liquidity, and drove meaningful annual cost savings through G&A reduction and operational restructuring. Most importantly, we delivered our strongest leasing performance since 2019, signing more than 2.2 million square feet of office leases as market fundamentals continue to strengthen across our West Coast portfolio.
Our priorities for 2026 are clear and executable: drive occupancy growth to unlock embedded NOI expansion, eliminate Quixote's earnings drag by year-end, and maintain capital discipline through value-driven asset sales and strategic deleveraging. With our leasing pipeline now at 2.3 million square feet, fourth quarter tours up more than 50% year-over-year, and the lowest office lease expiration schedule we've had in four years, we have clear line of sight to a return to FFO growth and strengthened earnings potential as we move through the year.
Victor Coleman
Chairman & CEO, Hudson Pacific Properties