LOS ANGELES--(BUSINESS WIRE)--
Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today
announced financial results for the first quarter ended March 31, 2012.
Financial Results
Funds From Operations (FFO) (after specified items) for the three months
ended March 31, 2012 totaled $9.4 million, or $0.26 per diluted share,
compared to FFO (after specified items) of $6.6 million, or $0.26 per
share, a year ago. The specified items for the first quarter of 2012
were comprised of expenses associated with the acquisition of operating
properties of $0.1 million, or $0.00 per diluted share. The specified
items for the first quarter of 2011 were comprised of a one-time early
lease termination payment from a tenant at our City Plaza project of
$2.0 million (after non-cash write-offs), or $0.08 per diluted share.
FFO including the specified items totaled $9.4 million, or $0.26 per
diluted share, for the three months ended March 31, 2012, compared to
$8.6 million, or $0.34 per share, a year ago.
The Company reported a net loss attributable to common shareholders of
$2.6 million, or $(0.08) per diluted share, for the three months ended
March 31, 2012, compared to net loss attributable to common shareholders
of 2.5 million, or $(0.11) per diluted share, for the three months ended
March 31, 2011.
"We are off to a solid start in 2012," said Mr. Victor J. Coleman,
Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc.
"During the first quarter, we closed two 10-year term loans with PNC
Bank and Cantor Commercial Real Estate Lending totaling $43.0 million
and $30.0 million, respectively. With attractive rates and longer
maturities, these new term loans enhance our financial flexibility and
complement our broader financing objectives, including the management of
our debt maturities. In addition to these term loans, we also raised
$56.1 million of proceeds from the successful public offering of our
8.375% Series B Cumulative Redeemable Preferred Stock. Strong
institutional confidence in our operating platform and the strength of
our capital structure drove demand for this offering, allowing us to
readily achieve our size and pricing objectives."
"Leasing activity in our markets remains strong. In the first quarter,
we completed new and renewal leases totaling 88,332 square feet taking
the leased rate of our office portfolio to 91.2%. I am particularly
pleased with the new 44,260 square foot lease for our entire 604 Arizona
project in Santa Monica. This property generated significant tenant
interest due to the limited supply of creative office space throughout
west Los Angeles, resulting in the execution of a new lease with little
downtime and at terms that exceed our original underwriting
expectations.”
First Quarter Highlights
-
FFO (after specified items) of $9.4 million, or $0.26 per diluted
share, compared to $6.6 million, or $0.26 per share, a year ago;
-
Completed new and renewal leases totaling 88,332 square feet,
including a new 44,260 square foot, 10-year lease to Real Office
Centers at 604 Arizona in Santa Monica, expected to commence early in
the fourth quarter of this year upon completion of tenant improvement;
-
Office portfolio leased rate of 91.2% at March 31, 2012, up from 91.0%
leased at December 31, 2011;
-
Closed a 10-year $43.0 million term loan with PNC Bank, National
Association secured by the Company's First Financial Plaza property;
-
Closed a 10-year $30.0 million term loan with Cantor Commercial Real
Estate Lending secured by the Company's 10950 Washington property;
-
Raised $56.1 million (before transaction costs) from the sale of 2.3
million shares of 8.375% Series B Cumulative Preferred Stock;
-
Declared and paid quarterly dividend of $0.125 per common share; and
-
Declared and paid dividend of $0.52344 per share on 8.375% Series B
Cumulative Preferred Stock.
Combined Operating Results For The Three Months Ended March 31, 2012
Total revenue during the quarter increased 9.8% to $38.2 million from
$34.8 million for the same quarter a year ago. The increase in total
revenue was primarily attributable to a $4.8 million increase in rental
revenue to $27.8 million and a $0.3 million increase in tenant
recoveries to $5.6 million, largely resulting from the acquisition of
office properties during the third and fourth quarters of 2011.
The increase in rental revenue and tenant recoveries was partially
offset by a $0.6 million decrease in other property-related revenue to
$2.6 million from slower production activity at the Company’s media and
entertainment properties compared to the same quarter a year ago, and a
$1.1 million decrease in parking and other revenue to $2.2 million,
reflecting the one-time early lease termination payment from a tenant at
our City Plaza property of $2.0 million (after non-cash write-offs) in
the first quarter of 2011, with no comparable activity in the current
quarter. If the early lease termination payment is disregarded, the
combined parking and other revenue would have increased by $0.9 million
from the same quarter a year ago as a result of the acquisition of
office properties during the third and fourth quarters of 2011.
Total operating expenses increased 9.4% to $32.8 million from $30.0
million for the same quarter a year ago. The increase in total operating
expenses was primarily the result of a $1.1 million increase in office
operating expenses to $11.4 million and a $0.8 million increase in
depreciation and amortization to $12.1 million, in both cases primarily
attributable to office properties acquired during the third and fourth
quarters of 2011, and a $1.4 million increase in general and
administrative expenses to $4.5 million. These increases were partially
offset by a $0.4 million decrease in media and entertainment operating
expenses to $4.8 million resulting from slower production activity at
the Company’s media and entertainment properties compared to the same
quarter a year ago.
As a result, income from operations increased 12.7% to $5.5 million for
the first quarter of 2012, compared to income from operations of $4.8
million for the same quarter a year ago.
Interest expense during the first quarter increased 5.4% to $4.9
million, compared to interest expense of $4.6 million for the same
quarter a year ago. At March 31, 2012, the Company had $361.1 million of
notes payable compared to $399.9 million of notes payable at December
31, 2011 and $332.2 million of notes payable at March 31, 2011.
Segment Operating Results For The Three Months Ended March 31, 2012
Office Properties
Total revenue at the Company’s office properties increased 16.5% to
$29.9 million from $25.6 million for the same quarter a year ago. The
increase was primarily the result of a $4.9 million increase in rental
revenue to $22.4 million and a $0.4 million increase in tenant
recoveries to $5.4 million, largely resulting from the acquisition of
office properties during the third and fourth quarters of 2011. These
increases were partially offset by the $1.1 million decrease in parking
and other revenue to $2.2 million, reflecting the one-time early lease
termination payment in the first quarter of 2011, with no comparable
activity in the current quarter, all as described earlier.
Office property operating expenses increased 10.5% to $11.4 million from
$10.3 million for the same quarter a year ago. The increase was
primarily the result of office properties acquired during the third and
fourth quarters of 2011.
At March 31, 2012, the Company’s office portfolio was 91.2% leased, up
from 89.5% leased a year ago. During the quarter, the Company executed
14 new and renewal leases totaling 88,332 square feet, including a
44,260 square foot, 10-year lease to Real Office Centers, a provider of
unique, social conscious office space, for the Company's entire 604
Arizona property located in Santa Monica.
Media and Entertainment Properties
Total revenue at the Company’s media and entertainment properties
decreased 8.8% to $8.4 million from $9.2 million for the same quarter a
year ago. The decrease was primarily the result of a $0.6 million
decrease in other property-related revenue to $2.6 million, compared to
$3.3 million in the same period a year ago, resulting from slower
production activity.
Total media and entertainment expenses decreased 7.9% to $4.8 million
from $5.2 million for the same quarter a year ago, primarily as a result
of lower operating expenses associated with slower production activity.
As of March 31, 2012, the trailing 12-month occupancy for the Company’s
media and entertainment portfolio decreased to 69.2% from 73.8% for the
trailing 12-month period ended March 31, 2011, but trailing 3-month
occupancy significantly improved over the fourth quarter of 2011, with
occupancy reaching 69.7% for quarter ended March 31, 2012, up from 65.8%
for the quarter ended December 31, 2011.
Balance Sheet
At March 31, 2012, the Company had total assets of $1.2 billion,
including unrestricted cash and cash equivalents of $21.9 million. At
March 31, 2012, the Company had total capacity of approximately $161.8
million on its $200.0 million secured credit facility, of which $10.0
million had been drawn.
Financings and Offerings
On January 19, 2012, the Company closed a 10-year term loan totaling
$43.0 million with PNC Bank, National Association, secured by the
Company's First Financial Plaza property. The loan bears interest at a
fixed annual rate of 4.58% and will mature on February 1, 2022. Proceeds
were used to repay indebtedness under the Company's secured revolving
credit facility.
On January 23, 2012, the Company completed the public offering of 2.3
million shares of its 8.375% Series B Cumulative Preferred Stock
(including 300,000 shares of Series B Preferred Stock issued and sold
pursuant to the exercise of the underwriters’ over-allotment option in
full) with the liquidation preference of $25.00 per share. Proceeds from
the offering, after deducting underwriting discounts, were approximately
$56.1 million (before other transaction costs). Proceeds were used to
repay indebtedness outstanding under its secured revolving credit
facility.
On February 24, 2012, the Company closed a 10-year term loan totaling
$30.0 million with Cantor Commercial Real Estate Lending, L.P., secured
by its 10950 Washington property. The loan bears interest at a fixed
annual rate of 5.316% and will mature on March 11, 2022. Proceeds of
$25.0 million from the loan were used to repay indebtedness under the
Company's secured revolving credit facility.
Outperformance Program
On January 1, 2012, the Compensation Committee of the Company's Board of
Directors adopted the Hudson Pacific Properties, Inc. 2012
Outperformance Program, or the 2012 Outperformance Program. A summary of
the 2012 Outperformance program is included in the Company’s Quarterly
Report on Form 10-Q for the quarter ended March 31, 2012, expected to
filed with the Securities and Exchange Commission on or before May 10,
2012.
Dividend
The Company’s Board of Directors declared a dividend on its common stock
of $0.125 per share and on its 8.375% Series B Cumulative Preferred
Stock of $0.52344 per share for the first quarter of 2012. Both
dividends were paid on April 2, 2012 to stockholders of record on March
20, 2012.
2012 Outlook
The Company is reaffirming full-year 2012 FFO guidance in the range of
$1.00 to $1.04 per diluted share. This guidance includes all completed
acquisitions, the $43.0 million term loan secured by First Financial
Plaza, the $30.0 million term loan secured by 10950 Washington, and the
issuance of 2.3 million shares of Series B Preferred Stock, all of which
are described above. The Company estimates the impact of the dividends
on the new Series B shares will be $0.13 per common share in 2012.
However, as is always the case, the Company's guidance does not
anticipate any impact to FFO from unannounced or speculative
acquisitions. The full-year 2012 FFO estimates reflect management's view
of current and future market conditions, including assumptions with
respect to rental rates, occupancy levels and the earnings impact of
events referenced in this release, but otherwise exclude any impact from
future acquisitions, dispositions, debt financings or repayments,
recapitalizations, capital market activity, or similar matters.
Supplemental Information
Supplemental financial information regarding the Company’s first quarter
2012 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 hold a conference call on Monday, May 7, 2012 at 1:30
p.m. PDT / 4:30 p.m. EDT to discuss the first quarter results. To
participate in the event by telephone, please dial (877) 941-8416 five
to 10 minutes prior to the start time (to allow time for registration)
and use conference ID 4531416. International callers should dial (480)
629-9808 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 Web site. For those unable to
participate during the live broadcast, a replay will be available
beginning May 7, 2012, at 4:30 p.m. PDT / 7:30 p.m. EDT, through May 21,
2012, at 8:59 p.m. PDT / 11:59 p.m. EDT. To access the replay, dial
(877) 870-5176 and use passcode 4531416. International callers should
dial (858) 384-5517 and enter the same conference ID number.
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. The Company's portfolio consists of
approximately 5.4 million square feet (including undeveloped land). 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. Hudson Pacific Properties is a component of
the Russell 2000® and the Russell 3000® indices. For additional
information, please 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 Annual Report on Form 10-K for the year ended December 31,
2011 filed with the Securities and Exchange Commission on March 14,
2012, 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)
|
|
|
|
|
|
|
|
March 31, 2012
|
|
December 31, 2011
|
|
ASSETS
|
|
|
|
|
|
REAL ESTATE ASSETS
|
|
|
|
|
|
Land
|
|
$
|
368,608
|
|
|
$
|
368,608
|
|
|
Building and improvements
|
|
601,645
|
|
|
601,812
|
|
|
Tenant improvements
|
|
69,716
|
|
|
69,021
|
|
|
Furniture and fixtures
|
|
11,546
|
|
|
11,536
|
|
|
Property under development
|
|
9,939
|
|
|
9,527
|
|
|
Total real estate held for investment
|
|
1,061,454
|
|
|
1,060,504
|
|
|
Accumulated depreciation and amortization
|
|
(60,420
|
)
|
|
(53,329
|
)
|
|
Investment in real estate, net
|
|
1,001,034
|
|
|
1,007,175
|
|
|
Cash and cash equivalents
|
|
21,858
|
|
|
13,705
|
|
|
Restricted cash
|
|
10,175
|
|
|
9,521
|
|
|
Accounts receivable, net
|
|
8,069
|
|
|
8,963
|
|
|
Straight-line rent receivables
|
|
12,364
|
|
|
10,801
|
|
|
Deferred leasing costs and lease intangibles, net
|
|
78,940
|
|
|
84,131
|
|
|
Deferred finance costs, net
|
|
5,293
|
|
|
5,079
|
|
|
Goodwill
|
|
8,754
|
|
|
8,754
|
|
|
Prepaid expenses and other assets
|
|
13,576
|
|
|
4,498
|
|
|
TOTAL ASSETS
|
|
$
|
1,160,500
|
|
|
$
|
1,152,791
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Notes payable
|
|
$
|
361,051
|
|
|
$
|
399,871
|
|
|
Accounts payable and accrued liabilities
|
|
14,448
|
|
|
12,469
|
|
|
Below-market leases
|
|
21,503
|
|
|
22,861
|
|
|
Security deposits
|
|
6,136
|
|
|
5,651
|
|
|
Prepaid rent
|
|
6,829
|
|
|
10,795
|
|
|
TOTAL LIABILITIES
|
|
409,967
|
|
|
451,647
|
|
|
|
|
|
|
|
|
6.25% series A cumulative redeemable preferred units of the
Operating Partnership
|
|
12,475
|
|
|
12,475
|
|
|
Redeemable non-controlling interest in consolidated real estate
entity
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Hudson Pacific Properties, Inc. stockholders’ equity:
|
|
|
|
|
|
Preferred stock, $0.01 par value, 10,000,000 authorized; 8.375%
series B cumulative redeemable preferred stock, $25.00 liquidation
preference, 5,800,000 shares and 3,500,000 shares outstanding at
March 31, 2012 and December 31, 2011, respectively
|
|
145,000
|
|
|
87,500
|
|
|
Common Stock, $0.01 par value 490,000,000 authorized, 33,998,498
shares and 33,840,854 shares outstanding at March 31, 2012 and
December 31, 2011, respectively
|
|
340
|
|
|
338
|
|
|
Additional paid-in capital
|
|
550,873
|
|
|
552,043
|
|
|
Accumulated other comprehensive (deficit) income
|
|
(968
|
)
|
|
(883
|
)
|
|
Accumulated deficit
|
|
(16,245
|
)
|
|
(13,685
|
)
|
|
Total Hudson Pacific Properties, Inc. stockholders’ equity
|
|
679,000
|
|
|
625,313
|
|
|
Non-controlling common units in the Operating Partnership
|
|
59,058
|
|
|
63,356
|
|
|
TOTAL EQUITY
|
|
738,058
|
|
|
688,669
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
$
|
1,160,500
|
|
|
$
|
1,152,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hudson Pacific Properties, Inc.
|
|
Combined Statements of Operations
|
|
(Unaudited, in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2012
|
|
2011
|
|
Revenues
|
|
|
|
|
|
Office
|
|
|
|
|
|
Rental
|
|
$
|
22,380
|
|
|
$
|
17,514
|
|
|
Tenant recoveries
|
|
5,374
|
|
|
4,963
|
|
|
Parking and other
|
|
2,114
|
|
|
3,155
|
|
|
Total office revenues
|
|
29,868
|
|
|
25,632
|
|
|
|
|
|
|
|
|
Media & entertainment
|
|
|
|
|
|
Rental
|
|
5,451
|
|
|
5,480
|
|
|
Tenant recoveries
|
|
248
|
|
|
343
|
|
|
Other property-related revenue
|
|
2,624
|
|
|
3,271
|
|
|
Other
|
|
40
|
|
|
78
|
|
|
Total media & entertainment revenues
|
|
8,363
|
|
|
9,172
|
|
|
|
|
|
|
|
|
Total revenues
|
|
38,231
|
|
|
34,804
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
Office operating expenses
|
|
11,356
|
|
|
10,274
|
|
|
Media & entertainment operating expenses
|
|
4,770
|
|
|
5,179
|
|
|
General and administrative
|
|
4,514
|
|
|
3,146
|
|
|
Depreciation and amortization
|
|
12,132
|
|
|
11,361
|
|
|
Total operating expenses
|
|
32,772
|
|
|
29,960
|
|
|
|
|
|
|
|
|
Income from operations
|
|
5,459
|
|
|
4,844
|
|
|
|
|
|
|
|
|
Other expense (income)
|
|
|
|
|
|
Interest expense
|
|
4,891
|
|
|
4,642
|
|
|
Interest income
|
|
(5
|
)
|
|
(8
|
)
|
|
Acquisition-related expenses
|
|
61
|
|
|
—
|
|
|
Other expenses (income)
|
|
44
|
|
|
117
|
|
|
|
|
4,991
|
|
|
4,751
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
468
|
|
|
$
|
93
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable to preferred stock and units
|
|
(3,231
|
)
|
|
(2,027
|
)
|
|
Less: Net income attributable to restricted shares
|
|
(78
|
)
|
|
(62
|
)
|
|
Less: Net income attributable to non-controlling interest in
consolidated real estate entities
|
|
—
|
|
|
(813
|
)
|
|
Add: Net loss attributable to common units in the Operating
Partnership
|
|
203
|
|
|
299
|
|
|
Net loss attributable to Hudson Pacific Properties, Inc. shareholders
|
|
$
|
(2,638
|
)
|
|
$
|
(2,510
|
)
|
|
Net loss attributable to shareholders’ per share - basic and diluted
|
|
$
|
(0.08
|
)
|
|
$
|
(0.11
|
)
|
|
Weighted average shares of common stock outstanding - basic and
diluted
|
|
33,320,450
|
|
|
21,949,118
|
|
|
Dividends declared per common share
|
|
$
|
0.125
|
|
|
$
|
0.125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hudson Pacific Properties, Inc.
|
|
Funds From Operations
|
|
(Unaudited, in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2012
|
|
2011
|
|
Reconciliation of net loss to Funds From Operations (FFO):
|
|
|
|
|
|
Net (loss) income
|
|
$
|
468
|
|
|
$
|
93
|
|
|
Adjustments:
|
|
|
|
|
|
Depreciation and amortization of real estate assets
|
|
12,132
|
|
|
11,361
|
|
|
Less: Net loss (income) attributable to non-controlling interest in
consolidated real estate entities
|
|
—
|
|
|
(813
|
)
|
|
Less: Net income attributable to preferred stock and units
|
|
(3,231
|
)
|
|
(2,027
|
)
|
|
FFO to common shareholders and unit holders
|
|
$
|
9,369
|
|
|
$
|
8,614
|
|
|
Specified items impacting FFO:
|
|
|
|
|
|
Acquisition-related expenses
|
|
61
|
|
|
—
|
|
|
Master Halco termination revenue
|
|
—
|
|
|
(2,744
|
)
|
|
Master Halco non-cash write-off
|
|
—
|
|
|
716
|
|
|
FFO (after specified items) to common shareholders and unit holders
|
|
$
|
9,430
|
|
|
$
|
6,586
|
|
|
|
|
|
|
|
|
Weighted average common shares/units outstanding - diluted
|
|
36,454
|
|
|
25,060
|
|
|
FFO per common share/unit - diluted
|
|
0.26
|
|
|
0.34
|
|
|
FFO (after specified items) per common share/unit - diluted
|
|
0.26
|
|
|
0.26
|
|
Investor Contact:
Hudson Pacific Properties, Inc.
Mark
Lammas
Chief Financial Officer
(310) 445-5700
or
Investor
/ Media Contact:
Addo Communications, Inc.
Lasse
Glassen
(310) 829-5400
lasseg@addocommunications.com
Source: Hudson Pacific Properties, Inc.