LOS ANGELES--(BUSINESS WIRE)--
Hudson Pacific Properties, Inc. (the “Company”) (NYSE:HPP) today
announced fourth quarter and year-end financial results for the year
ended December 31, 2010.
Financial Results
Funds From Operations (FFO) (excluding specified items) for the three
months ended December 31, 2010 totaled $5.1 million, or $0.21 per
diluted share. These results exclude expenses associated with the
acquisition of operating properties of $1.6 million, or $(0.06) per
diluted share, and a one-time property tax expense reduction of $1.1
million, or $0.04 per diluted share. FFO including these specified items
for the three months ended December 31, 2010 totaled $4.6 million.
The Company reported a net loss attributable to common shareholders of
$1.2 million, or $(0.05) per diluted share, for the three months ended
December 31, 2010, compared to net loss attributable to common
shareholders of $0.8 million for the three months ended
December 31, 2009. For the year ended December 31, 2010, the Company
reported a net loss attributable to common shareholders of $3.3 million,
compared to a net loss attributable to common shareholders of $0.6
million for the year ended December 31, 2009.
“We completed four important acquisitions on assets totaling 1.9 million
square feet last quarter, including our 222 Kearny Street office
property, 1455 Market Street office property and joint venture
investment in One and Two Rincon Center, all in San Francisco, and 10950
Washington Blvd. office campus in Los Angeles, all of which are
strategically located, quality buildings with solid occupancies and
amenities meeting our investment criteria,” said Mr. Victor J. Coleman,
Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc.
“We also experienced strong performance on our existing assets,
especially at our media and entertainment campuses, where we continue to
see steady improvement in occupancy.”
Fourth Quarter Highlights
-
FFO (excluding specified items) of $5.1 million, or $0.21 per diluted
share, up from $4.4 million (excluding expenses associated with
acquisitions of operating properties), or $0.18 per diluted share, in
the third quarter;
-
Acquired three assets and completed a joint venture investment on
office properties totaling 1.9 million square feet;
-
Improved trailing 12-month occupancy for the media and entertainment
portfolio to 72.6%, compared to 68.3% for the trailing 12-month period
ended December 31, 2009;
-
Generated net proceeds of approximately $83.9 million through the
public offering of 3.5 million shares of 8.375% Series B Cumulative
Preferred Stock;
-
Declared and paid quarterly dividend of $0.095 per common share; and
-
Declared and paid initial dividend of $0.12214 per share on 8.375%
Series B Cumulative Preferred Stock.
Combined Operating Results For The Three Months Ended
December 31, 2010
Total revenue during the quarter increased 98.9% to $21.1 million from
$10.6 million a year ago. The increase in total revenue was primarily
attributed to a $7.6 million increase in rental revenue to $14.9
million, a $1.3 million increase in tenant recoveries to $2.5 million,
and a $1.4 million increase in other property-related revenue to $3.4
million. The increase in rental revenue from a year ago was largely the
result of rental revenue from office properties acquired in connection
with the Company's initial public offering and during the third and
fourth quarters of 2010.
Total operating expenses increased 79.8% to $17.2 million from $9.6
million a year ago. The increase in total operating expenses was
primarily the result of a $2.6 million increase in office operating
expenses to $4.6 million, a $3.4 million increase in depreciation and
amortization to $5.9 million, and a $2.1 million increase in general and
administrative expenses, with no comparable expense in the prior period,
partially offset by a $0.5 million decrease in media and entertainment
operating expenses to $4.6 million (including the one-time property tax
expense reduction of $1.1 million). The increase in office operating
expenses from the fourth quarter of 2009 was primarily the result of
expenses related to office properties acquired in connection with the
Company's initial public offering and during the third and fourth
quarters of 2010.
Income from operations increased 279.0% to $3.9 million, compared to
income from operations of $1.0 million a year ago.
Interest expense during the fourth quarter increased 26.1% to $2.6
million, compared to interest expense of $2.1 million a year ago. At
December 31, 2010, the Company had $342.1 million of notes payable
related to some of its properties, compared to $189.5 million of notes
payable at December 31, 2009.
Segment Operating Results For the Three Months Ended December 31, 2010
Office Properties
Total revenue at the Company's office properties increased 244.9% to
$11.7 million from $3.4 million in the fourth quarter of 2009. The
increase was primarily the result of a $6.8 million increase in rental
revenue to $9.5 million, and a $1.5 million increase in tenant
recoveries to $2.1 million, which were largely attributable to
contributions from office properties acquired in connection with the
Company's initial public offering and during the third and fourth
quarters of 2010.
Office property operating expenses increased 138.3% to $4.6 million from
$1.9 million a year ago.
At December 31, 2010, the Company's office portfolio was 88.0% leased
and 87.7% occupied, up from 86.3% leased and 81.6% occupied at September
30, 2010. During the quarter, the Company executed seven new and renewal
leases totaling 23,344 square feet.
Media and Entertainment Properties
Total revenue at the Company's media and entertainment properties
increased 30.4% to $9.4 million from $7.2 million in the fourth quarter
of 2009. The increase was primarily the result of a $0.9 million
increase in rental revenue to $5.5 million, and a $1.4 million increase
in other property-related revenue to $3.4 million. Increased revenue was
largely attributable to steadily improving occupancy at the media and
entertainment properties.
Total media and entertainment expenses decreased 9.3% to $4.6 million
(including the one-time property tax expense reduction of $1.1 million),
compared to $5.1 million in the same period a year ago. Excluding the
one-time property tax expense reduction, media and entertainment
expenses would have increased 12.1% to $5.7 million, primarily as a
result of higher operating expenses associated with improved occupancy
and higher production activity at the media and entertainment properties.
As of December 31, 2010, the trailing 12-month occupancy for the
Company's media and entertainment portfolio increased to 72.6% from
68.3% for the trailing 12-month period ended December 31, 2009. For the
month of December 2010, the media and entertainment portfolio was 78.7%
leased, up from 76.5% for September 2010 and 63.7% for December 2009.
Combined Operating Results For The Year Ended December 31, 2010
For the year ended December 31, 2010, total revenue was $60.6 million,
an increase of 36.2% from $44.5 million for the year ended December 31,
2009. Total operating expenses were $50.4 million, compared to $36.7
million for the year ended December 31, 2009. As a result, income from
operations was $10.2 million, compared to income from operations of $7.8
million for the year ended December 31, 2009. Acquisition-related
expenses for the year ended December 31, 2010 was $4.3 million, with no
comparable expense for the year ended December 31, 2009. The increase
was due to transaction costs relating to the Company's acquisition of
properties in connection with its IPO and related formation transactions
and properties acquired during the third and fourth quarters of 2010.
Interest expense for the year ended December 31, 2010 increased 0.4% to
$8.8 million from $8.8 million for the year ended December 31, 2009.
Balance Sheet
At December 31, 2010, the Company had total assets of $1.0 billion,
including cash and cash equivalents of $48.9 million. In addition, at
December 31, 2010, the Company had total capacity of approximately
$147.8 million on its $200 million secured credit facility, $36.7
million of which remained undrawn.
Financings
On February 11, 2011, the Company closed a five-year term loan totaling
$92.0 million with Wells Fargo Bank, N.A. secured by the Company's
Sunset Gower and Sunset Bronson media and entertainment campuses. The
loan bears interest at a rate equal to one-month LIBOR plus 350 basis
points. $37.0 million of the loan is currently subject to an interest
rate swap agreement that fixes one-month LIBOR to a rate of 75 basis
points through April 30, 2011. The Company is required to hedge at least
half of the $92.0 million term loan not later than March 28, 2011.
Proceeds from the loan were used to fully refinance a $37.0 million
mortgage loan secured by our Sunset Bronson campus that was scheduled to
mature on April 30, 2011. The remaining proceeds were used to partially
pay down the Company's $200 million secured credit facility. The Company
has resulting undrawn availability of approximately $90.6 million on its
$200 million secured credit facility.
Dividend
The Company's Board of Directors declared a dividend on its common stock
of $0.095 per share for the fourth quarter of 2010, and on its 8.375%
Series B Cumulative Preferred Stock of $0.12214 for the partial period
commencing December 10, 2010 and ending December 31, 2010. Both
dividends were paid on December 31, 2010, to stockholders of record on
December 20, 2010.
2011 Outlook
As highlighted earlier, during the fourth quarter of 2010, the Company
completed several material acquisitions and an issuance of 3.5 million
shares of 8.375% Series B Cumulative Preferred Stock. The Company
subsequently completed a term loan secured by its Sunset Gower and
Sunset Bronson media and entertainment campuses. The impact of two of
the acquisitions, 1455 Market Street and Rincon Center, issuance of the
Series B Preferred Stock, and term loan on Sunset Gower and Sunset
Bronson was not included in the Company's previous 2011 FFO guidance
given in November 2010. In light of this recent activity, the Company is
increasing its full year 2011 FFO guidance to a range of $1.01 to $1.06
per diluted share from the previous range of $0.82 to $0.86 per diluted
share. This guidance includes the impact of this recent activity, the
anticipated completion of the Rincon Center acquisition and related
project refinancing within the second quarter of 2011, and borrowings
under our secured credit facility in connection therewith. This guidance excludes
the one-time impact of an early lease termination payment received from
a single-floor tenant at our City Plaza project of $2.8 million, or
$0.11 per diluted share, during the first quarter of 2011. Except as
noted, this guidance excludes any impact from future acquisitions,
dispositions, equity purchases, debt financings or repayments,
recapitalizations, or similar matters.
Supplemental Information
Supplemental financial information regarding the Company's fourth
quarter and full year 2010 results may be found in the Investor
Relations section of the Company's Web site at www.hudsonpacificproperties.com.
This supplemental information provides additional detail on items such
as property occupancy, financial performance by property and debt
maturity schedules.
Conference Call
The Company will host a conference call at 1:30 p.m. PDT / 4:30 p.m. EDT
on Tuesday, March 15, 2011, to discuss results for the fourth quarter of
2010. To participate in the event by telephone, please dial (877)
941-4774 five to ten minutes prior to the start time (to allow time for
registration) and use conference ID 4403921. International callers
should dial (480) 629-9760 and use the same conference ID number. A
digital replay of the conference call will be available beginning March
15, 2011, at 4:30 p.m. PDT / 7:30 p.m. EDT, through March 22, 2011, at
8:59 p.m. PDT / 11:59 p.m. EDT. To access the replay, dial (877)
870-5176 (U.S.), and use conference ID 4403921. International callers
should dial (858) 384-5517 and enter the same conference ID number. The
call will also be broadcast live over the Internet and can be accessed
on the Investor
Relations section of the Company's Web site at www.hudsonpacificproperties.com.
To listen to the live webcast, please visit the site at least 15 minutes
prior to the start of the call in order to register, download and
install any necessary audio software. A replay of the call will also be
available for 90 days on the Company's website.
Use of Non-GAAP Information
We calculate funds from operations before non-controlling interest (FFO)
in accordance with the standards established by the National Association
of Real Estate Investment Trusts (NAREIT). FFO represents net income
(loss), computed in accordance with accounting principles generally
accepted in the United States of America (GAAP), excluding gains (or
losses) from sales of depreciable operating property, real estate
depreciation and amortization (excluding amortization of above/below
market lease intangible assets and liabilities and amortization of
deferred financing costs and debt discounts/premium) and after
adjustments for unconsolidated partnerships and joint ventures. We use
FFO as a supplemental performance measure because, in excluding real
estate depreciation and amortization and gains and losses from property
dispositions, it provides a performance measure that, when compared year
over year, captures trends in occupancy rates, rental rates and
operating costs. We also believe that, as a widely recognized measure of
the performance of REITs, FFO will be used by investors as a basis to
compare our operating performance with that of other REITs. However,
because FFO excludes depreciation and amortization and captures neither
the changes in the value of our properties that results from use or
market conditions nor the level of capital expenditures and leasing
commissions necessary to maintain the operating performance of our
properties, all of which have real economic effect and could materially
impact our results from operations, the utility of FFO as a measure of
our performance is limited. Other equity REITs may not calculate FFO in
accordance with the NAREIT definition and, accordingly, our FFO may not
be comparable to such other REITs' FFO. Accordingly, FFO should be
considered only as a supplement to net income as a measure of our
performance. FFO should not be used as a measure of our liquidity, nor
is it indicative of funds available to fund our cash needs, including
our ability to pay dividends. FFO should not be used as a supplement to
or substitute for cash flow from operating activities computed in
accordance with GAAP.
About Hudson Pacific Properties
Hudson Pacific Properties, Inc. is a full-service, vertically integrated
real estate company focused on owning, operating and acquiring
high-quality office properties and state-of-the-art media and
entertainment properties in select growth markets primarily in Northern
and Southern California. The Company's strategic investment program
targets high barrier-to-entry, in-fill locations with favorable,
long-term supply-demand characteristics in select target markets
including Los Angeles, Orange County, San Diego, San Francisco, Silicon
Valley and the East Bay. Its wholly owned portfolio includes 12
properties totaling approximately 3.4 million square feet, strategically
located in many of the Company's target markets. Upon completion of the
Rincon Center acquisition the Company's portfolio will consist of 13
properties totaling approximately 4.0 million square feet. The Company
intends to elect to be taxed and to operate in a manner that will allow
it to qualify as a real estate investment trust, or REIT, for federal
income tax purposes, commencing with the taxable year ended December 31,
2010. Hudson Pacific Properties is a component of the Russell 2000® and
the Russell 3000® indices. For additional information, visit www.hudsonpacificproperties.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as “may,” “will,” “should,” “expects,” “intends,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,” or
“potential” or the negative of these words and phrases or similar words
or phrases that are predictions of or indicate future events or trends
and that do not relate solely to historical matters. Forward-looking
statements involve known and unknown risks, uncertainties, assumptions
and contingencies, many of which are beyond the Company's control, that
may cause actual results to differ significantly from those expressed in
any forward-looking statement. All forward-looking statements reflect
the Company's good faith beliefs, assumptions and expectations, but they
are not guarantees of future performance. Furthermore, the Company
disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying assumptions
or factors, of new information, data or methods, future events or other
changes. For a further discussion of these and other factors that could
cause the Company's future results to differ materially from any
forward-looking statements, see the section entitled “Risk Factors” in
the Company's final prospectus dated June 23, 2010, and other risks
described in documents subsequently filed by the Company from time to
time with the Securities and Exchange Commission.
|
|
|
Hudson Pacific Properties, Inc.
Consolidated Balance Sheets
(Unaudited, in thousands, except share data)
|
|
|
|
|
December 31, 2010
|
|
|
December 31, 2009
|
|
ASSETS
|
|
|
|
|
|
|
|
REAL ESTATE ASSETS
|
|
|
|
|
|
|
|
Land
|
|
|
$
|
329,630
|
|
|
|
$
|
193,042
|
|
|
Building and improvements
|
|
|
469,407
|
|
|
|
206,715
|
|
|
Tenant improvements
|
|
|
47,538
|
|
|
|
14,344
|
|
|
Furniture and fixtures
|
|
|
11,972
|
|
|
|
11,097
|
|
|
Property under development
|
|
|
7,904
|
|
|
|
4,148
|
|
|
Total real estate held for investment
|
|
|
866,451
|
|
|
|
429,346
|
|
|
Accumulated depreciation and amortization
|
|
|
(27,419
|
)
|
|
|
(16,868
|
)
|
|
Investment in real estate, net
|
|
|
839,032
|
|
|
|
412,478
|
|
|
Cash and cash equivalents
|
|
|
48,875
|
|
|
|
3,694
|
|
|
Restricted cash
|
|
|
4,121
|
|
|
|
4,231
|
|
|
Accounts receivable, net
|
|
|
4,478
|
|
|
|
1,273
|
|
|
Straight-line rent receivables
|
|
|
6,688
|
|
|
|
2,935
|
|
|
Deferred leasing costs and lease intangibles, net
|
|
|
85,286
|
|
|
|
19,219
|
|
|
Deferred financing costs, net
|
|
|
3,211
|
|
|
|
668
|
|
|
Goodwill
|
|
|
8,754
|
|
|
|
—
|
|
|
Prepaid expenses and other assets
|
|
|
4,130
|
|
|
|
3,736
|
|
|
TOTAL ASSETS
|
|
|
$
|
1,004,575
|
|
|
|
$
|
448,234
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
Notes payable
|
|
|
$
|
342,060
|
|
|
|
$
|
189,518
|
|
|
Accounts payable and accrued liabilities
|
|
|
11,506
|
|
|
|
6,026
|
|
|
Below-market leases
|
|
|
20,994
|
|
|
|
11,636
|
|
|
Security deposits
|
|
|
5,052
|
|
|
|
2,939
|
|
|
Prepaid rent
|
|
|
10,559
|
|
|
|
11,102
|
|
|
Interest rate contracts
|
|
|
71
|
|
|
|
425
|
|
|
TOTAL LIABILITIES
|
|
|
390,242
|
|
|
|
221,646
|
|
|
|
|
|
|
|
|
|
|
6.25% Series A cumulative redeemable preferred units of the
Operating Partnership
|
|
|
12,475
|
|
|
|
—
|
|
|
Redeemable non-controlling interest in consolidated real estate
entity
|
|
|
40,328
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Members' equity
|
|
|
—
|
|
|
|
223,240
|
|
|
Hudson Pacific Properties, Inc. stockholders' equity:
|
|
|
|
|
|
|
|
Series B cumulative redeemable preferred stock
|
|
|
87,500
|
|
|
|
—
|
|
|
Common stock, $0.01 par value 490,000,000 authorized, 22,436,950
outstanding at December 31, 2010
|
|
|
224
|
|
|
|
—
|
|
|
Additional paid-in capital
|
|
|
411,598
|
|
|
|
—
|
|
|
Accumulated other comprehensive income
|
|
|
6
|
|
|
|
—
|
|
|
Accumulated deficit
|
|
|
(3,482
|
)
|
|
|
—
|
|
|
Total Hudson Pacific Properties, Inc. stockholders' equity
|
|
|
495,846
|
|
|
|
223,240
|
|
|
Non-controlling interests:
|
|
|
|
|
|
|
|
Members in consolidated real estate entities
|
|
|
—
|
|
|
|
3,348
|
|
|
Unitholders in the Operating Partnership
|
|
|
65,684
|
|
|
|
—
|
|
|
|
|
|
65,684
|
|
|
|
3,348
|
|
|
TOTAL EQUITY
|
|
|
561,530
|
|
|
|
226,588
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$
|
1,004,575
|
|
|
|
$
|
448,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hudson Pacific Properties, Inc.
Combined Statements of Operations
(Unaudited, in thousands, except share and per share data)
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental
|
|
|
$
|
9,461
|
|
|
|
$
|
2,697
|
|
|
|
$
|
22,247
|
|
|
|
$
|
11,046
|
|
|
Tenant recoveries
|
|
|
2,108
|
|
|
|
589
|
|
|
|
4,023
|
|
|
|
2,024
|
|
|
Other
|
|
|
108
|
|
|
|
100
|
|
|
|
233
|
|
|
|
252
|
|
|
Total office revenues
|
|
|
11,677
|
|
|
|
3,386
|
|
|
|
26,503
|
|
|
|
13,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media & entertainment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental
|
|
|
5,478
|
|
|
|
4,617
|
|
|
|
20,931
|
|
|
|
19,916
|
|
|
Tenant recoveries
|
|
|
392
|
|
|
|
567
|
|
|
|
1,571
|
|
|
|
1,792
|
|
|
Other property-related revenue
|
|
|
3,401
|
|
|
|
2,025
|
|
|
|
11,397
|
|
|
|
9,427
|
|
|
Other
|
|
|
142
|
|
|
|
7
|
|
|
|
238
|
|
|
|
64
|
|
|
Total media & entertainment revenues
|
|
|
9,413
|
|
|
|
7,216
|
|
|
|
34,137
|
|
|
|
31,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
21,090
|
|
|
|
10,602
|
|
|
|
60,640
|
|
|
|
44,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office operating expenses
|
|
|
4,562
|
|
|
|
1,914
|
|
|
|
10,212
|
|
|
|
6,242
|
|
|
Media & entertainment operating expenses
|
|
|
4,621
|
|
|
|
5,094
|
|
|
|
19,815
|
|
|
|
19,545
|
|
|
General and administrative
|
|
|
2,114
|
|
|
|
—
|
|
|
|
4,493
|
|
|
|
—
|
|
|
Depreciation and amortization
|
|
|
5,927
|
|
|
|
2,574
|
|
|
|
15,912
|
|
|
|
10,908
|
|
|
Total operating expenses
|
|
|
17,224
|
|
|
|
9,582
|
|
|
|
50,432
|
|
|
|
36,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
$
|
3,866
|
|
|
|
$
|
1,020
|
|
|
|
$
|
10,208
|
|
|
|
$
|
7,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
2,635
|
|
|
|
2,090
|
|
|
|
8,831
|
|
|
|
8,792
|
|
|
Interest income
|
|
|
(22
|
)
|
|
|
(10
|
)
|
|
|
(59
|
)
|
|
|
(19
|
)
|
|
Unrealized (gain) on interest rate contracts
|
|
|
—
|
|
|
|
(192
|
)
|
|
|
(347
|
)
|
|
|
(400
|
)
|
|
Acquisition-related expenses
|
|
|
1,584
|
|
|
|
—
|
|
|
|
4,273
|
|
|
|
—
|
|
|
Other expenses
|
|
|
200
|
|
|
|
—
|
|
|
|
192
|
|
|
|
97
|
|
|
|
|
|
$
|
4,397
|
|
|
|
$
|
1,888
|
|
|
|
$
|
12,890
|
|
|
|
$
|
8,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(531
|
)
|
|
|
$
|
(868
|
)
|
|
|
$
|
(2,682
|
)
|
|
|
$
|
(644
|
)
|
|
Less: Net income attributable to preferred non-controlling
partnership interest
|
|
|
(622
|
)
|
|
|
—
|
|
|
|
(817
|
)
|
|
|
—
|
|
|
Less: Net income attributable to restricted shares
|
|
|
(25
|
)
|
|
|
—
|
|
|
|
(50
|
)
|
|
|
—
|
|
|
Less: Net income attributable to non-controlling members in
consolidated real estate entities
|
|
|
(148
|
)
|
|
|
33
|
|
|
|
(119
|
)
|
|
|
29
|
|
|
Add: Net loss attributable to unitholders in the Operating
Partnership
|
|
|
141
|
|
|
|
—
|
|
|
|
418
|
|
|
|
—
|
|
|
Net loss attributable to Hudson Pacific Properties, Inc.
shareholders' / controlling member's equity
|
|
|
$
|
(1,185
|
)
|
|
|
$
|
(835
|
)
|
|
|
$
|
(3,250
|
)
|
|
|
$
|
(615
|
)
|
|
Net loss attributable to shareholders' per share - basic and diluted
|
|
|
$
|
(0.05
|
)
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Weighted average shares of common stock outstanding - basic and
diluted
|
|
|
|
21,946,508
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Dividends declared per common share
|
|
|
$
|
0.095
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hudson Pacific Properties, Inc.
Funds From Operations
(Unaudited, in thousands, except per share data)
|
|
|
|
|
Three Months Ended
|
|
|
|
|
December 31, 2010
|
|
Reconciliation of net loss to Funds From Operations (FFO):
|
|
|
|
|
Net loss
|
|
|
$
|
(531
|
)
|
|
Adjustments:
|
|
|
|
|
Depreciation and amortization of real estate assets
|
|
|
5,927
|
|
|
Less: Net income attributable to non-controlling members in
consolidated real estate entities
|
|
|
(148
|
)
|
|
Less: Net income attributable to preferred non-controlling
partnership interest
|
|
|
(622
|
)
|
|
FFO
|
|
|
$
|
4,626
|
|
|
Specified items impacting FFO:
|
|
|
|
|
Acquisition-related expenses
|
|
|
1,584
|
|
|
One-time property tax expense reduction
|
|
|
(1,089
|
)
|
|
FFO (after specified items)
|
|
|
$
|
5,121
|
|
|
|
|
|
|
|
Weighted average common shares/units outstanding - diluted
|
|
|
24,833
|
|
|
FFO (after specified items) per common share/unit - diluted
|
|
|
$
|
0.21
|
|
Source: Hudson Pacific Properties, Inc.
Contact:
Investor Contact:
Hudson Pacific Properties, Inc.
Mark
Lammas
Chief Financial Officer
(310) 445-5700
or
Investor
/ Media Contact:
Addo Communications, Inc.
Andrew
Blazier
(310) 829-5400
andrewb@addocommunications.com