Hudson Pacific Properties, Inc. Announces Fourth Quarter 2012 Financial Results

LOS ANGELES–(BUSINESS WIRE)– Hudson Pacific Properties, Inc. (the “Company”) (NYS: HPP) today announced financial results for the fourth quarter and full year ended December 31, 2012.

Financial Results

Funds From Operations (FFO) (excluding specified items) for the three months ended December 31, 2012 totaled $11.6 million, or $0.23 per diluted share, compared to FFO (excluding specified items) of $9.2 million, or $0.25 per share, a year ago. The specified items for the fourth quarter of 2012 consisted of expenses associated with the acquisition of The Pinnacle office property in Burbank, California of $0.2 million, or $0.00 per diluted share. Specified items for the fourth quarter of 2011 consisted of expenses associated with the acquisitions of 6922 Hollywood Boulevard in Los Angeles, of $0.9 million, or $0.03 per diluted share. FFO including the specified items totaled $11.4 million, or $0.23 per diluted share, for the three months ended December 31, 2012, compared to $8.3 million, or $0.23 per share, a year ago.

The Company reported a net loss attributable to common shareholders of $5.9 million, or $(0.13) per diluted share, for the three months ended December 31, 2012, compared to net loss attributable to common shareholders of $3.2 million, or $(0.10) per diluted share, for the three months ended December 31, 2011.

“We concluded 2012 with a very strong fourth quarter that included a significant acquisition and substantial leasing activity, particularly at our San Francisco properties,” said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. “During the quarter, we announced the formation of a joint venture to acquire The Pinnacle, a two-building, 625,640 square foot, Class-A property located in the heart of the Burbank Media District. This property is extremely complimentary to our portfolio and will provide our Company with an immediate foothold in one of the top media and entertainment markets in the country. We also enjoyed unprecedented leasing activity throughout the fourth quarter with the execution of 705,905 square feet of new and renewal leases in the quarter, including a 246,078 square foot lease with Square, Inc. at our 1455 Market Street property (which has since expanded to 327,432, as described more fully below), a 235,733 square foot lease with salesforce.com at our Rincon Center property, a 54,763 square foot lease with GitHub for our entire 275 Brannan Street property, and a 17,521 square foot lease with Hotel Tonight, Inc. at our 901 Market Street …read more
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