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Hudson Pacific Properties, Inc. Announces Third Quarter 2013 Financial Results



  Hudson Pacific Properties, Inc. Announces Third Quarter 2013 Financial
  Results

Business Wire

LOS ANGELES -- November 4, 2013

Hudson Pacific Properties, Inc. (the “Company,” “we,” “us” or “our”) (NYSE:
HPP) today announced financial results for the third quarter ended
September 30, 2013.

Financial Results

Funds From Operations (FFO) (excluding specified items) for the three months
ended September 30, 2013 totaled $14.0 million, or $0.24 per diluted share,
compared to FFO (excluding specified items) of $10.5 million, or $0.21 per
share, a year ago. The specified items for the third quarter of 2013 consisted
of expenses associated with the acquisition of our office portfolio in
Seattle, Washington of $0.5 million, or $0.01 per diluted share. Specified
items for the third quarter of 2012 consisted of expenses associated with the
acquisition of the Element LA campus in West Los Angeles of $0.5 million, or
$0.01 per diluted share. FFO, including the specified items, totaled $13.5
million, or $0.23 per diluted share, for the three months ended September 30,
2013, compared to $10.1 million, or $0.20 per share, a year ago.

The Company reported a net loss attributable to common stockholders of $5.7
million, or $(0.10) per diluted share, for the three months ended
September 30, 2013, compared to net loss attributable to common stockholders
of $3.4 million, or $(0.07) per diluted share, for the three months ended
September 30, 2012.

“The third quarter witnessed an important chapter in the growth of our
Company,” said Mr. Victor J. Coleman, Chairman and Chief Executive Officer of
Hudson Pacific Properties, Inc. “I am very pleased with our previously
announced acquisition of the 848,001 square-foot office portfolio in Seattle,
which we successfully closed on July 31, 2013. This high quality portfolio
gives us a meaningful presence in the region with a significant foothold in
the top submarkets in Downtown Seattle. We also completed the disposition of
the City Plaza property for approximately $56.0 million (before certain
credits, prorations and closing costs). Proceeds from the disposition were
used toward the acquisition of the Seattle portfolio pursuant to a like-kind
exchange under Internal Revenue Code Section 1031.”

Mr. Coleman continued, “Third quarter leasing remained active, including the
successful negotiation of a 12-year lease with Deluxe Entertainment Services
Group Inc., a leading provider of services and technologies for the global
digital media and entertainment industry, for our entire 63,376 square-foot
3401 Exposition Blvd. property in Santa Monica, California. The lease was
executed on October 22, 2013 and is expected to commence in the early third
quarter of 2014.”

Third Quarter Highlights

  * FFO (excluding specified items) of $14.0 million, or $0.24 per diluted
    share, compared to $10.5 million, or $0.21 per share, a year ago;
  * Completed new and renewal leases totaling 43,122 square feet;
  * Stabilized office portfolio leased rate of 95.5% at September 30, 2013;
  * Completed acquisition of 848,001 square-foot office portfolio in Seattle,
    Washington, for approximately $368.6 million (net of certain credits and
    before closing costs and prorations) (completed on July 31, 2013);
  * Completed disposition of 333,922 square-foot City Plaza property in
    Orange, California, for approximately $56.0 million (before certain
    credits, prorations and closing costs) (completed on July 12, 2013);
  * 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 September 30, 2013

Total revenue from continuing operations during the quarter increased 31.5% to
$53.3 million from $40.6 million for the same quarter a year ago. Total
operating expenses from continuing operations increased 33.7% to $48.2 million
from $36.0 million for the same quarter a year ago. As a result, income from
operations increased 14.1% to $5.2 million for the third quarter of 2013,
compared to income from operations of $4.5 million for the same quarter a year
ago. The primary reasons for the increases in total revenue and total
operating expenses are discussed below in connection with our segment
operating results.

Interest expense during the third quarter increased 62.2% to $7.3 million,
compared to interest expense of $4.5 million for the same quarter a year ago.
At September 30, 2013, the Company had $891.2 million of notes payable,
compared to $582.1 million as of December 31, 2012 and $359.5 million at
September 30, 2012.

Segment Operating Results For The Three Months Ended September 30, 2013

Office Properties

Total revenue from continuing operations at the Company’s office properties
increased 47.2% to $43.5 million from $29.6 million for the same quarter a
year ago. The increase was primarily the result of a $11.5 million increase in
rental revenue to $33.6 million, a $1.5 million increase in tenant recoveries
to $6.5 million, and a $0.9 million increase in parking and other revenue to
$3.4 million, largely resulting from the acquisition of the Pinnacle I and
Pinnacle II buildings by our joint venture with MDP/Worthe on November 8, 2012
and June 14, 2013, respectively, and our acquisition of the Seattle portfolio
on July 31, 2013.

Office property operating expenses from continuing operations increased 37.3%
to $16.8 million from $12.2 million for the same quarter a year ago. The
increase was primarily the result of the acquisitions of the office properties
described above.

At September 30, 2013, the Company’s stabilized office portfolio was 95.5%
leased. During the quarter, the Company executed eight new and renewal leases
totaling 43,122 square feet.

Media and Entertainment Properties

Total revenue at the Company’s media and entertainment properties decreased
10.7% to $9.8 million from $11.0 million for the same quarter a year ago. The
decrease was primarily the result of a $1.3 million decrease in other
property-related revenue to $3.2 million, primarily resulting from lower
production activity at the Company’s media and entertainment properties
compared to the same quarter a year ago.

Total media and entertainment operating expenses decreased 11.5% to $6.1
million from $6.9 million for the same quarter a year ago, primarily resulting
from lower production activity at the Company’s media and entertainment
properties compared to the same quarter a year ago.

As of September 30, 2013, the trailing 12-month occupancy for the Company’s
media and entertainment portfolio increased to 71.5% from 71.0% for the
trailing 12-month period ended September 30, 2012.

Combined Operating Results For The Nine Months Ended September 30, 2013

For the first nine months of 2013, total revenue from continuing operations
was $148.1 million, an increase of 27.2% from $116.4 million in the same
period the prior year. Total operating expenses from continuing operations
were $130.6 million, compared to $104.3 million in the same period a year ago.
As a result, income from operations increased 45.2% to $17.6 million for the
first nine months of 2013, compared to income from operations of $12.1 million
for the same period a year ago. The revenue for the first nine months of 2013
includes an early lease termination payment from Bank of America relating to
the Company’s 1455 Market Street property of $1.1 million (after the write-off
of non-cash items), with no comparable activity for the same period a year
ago. Operating expenses for the first nine months of 2013 include a property
tax reimbursement resulting from the reassessment of the Sunset Gower media
and entertainment property of $0.8 million, compared to a supplemental
property tax expense associated with our Technicolor property in the first
nine months of 2012 of approximately $0.9 million. The Company also had $1.0
million of acquisition-related expense during the first nine months of 2013,
compared to $0.8 million of acquisition-related expense during the first nine
months of 2012. Interest expense during the first nine months of 2013
increased 33.6% to $18.7 million from $14.0 million in the same period of
2012, primarily due to interest expenses for a full nine months on the
indebtedness associated with our First Financial and 10950 Washington
properties, the increase in indebtedness associated with our 275 Brannan
property financing on October 5, 2012, our 901 Market property financing on
October 29, 2012, the indebtedness associated with the Pinnacle I and Pinnacle
II buildings acquired on November 8, 2012 and June 14, 2013, respectively, and
the indebtedness associated with the acquisition of the Seattle portfolio, as
described below.

Balance Sheet

At September 30, 2013, the Company had total assets of $2.1 billion, including
unrestricted cash and cash equivalents of $29.3 million. At September 30,
2013, we had approximately $237.3 million of total capacity under our
unsecured revolving credit facility, of which $80.0 million had been drawn.

City Plaza Disposition

On July 12, 2013, the Company sold its City Plaza property for approximately
$56.0 million (before certain credits, prorations, and closing costs).
Proceeds from the disposition were used toward the acquisition of the Seattle
portfolio pursuant to a like-kind exchange under Internal Revenue Code Section
1031. City Plaza is a nineteen-story, 333,922 rentable square-foot Class-A
office building located in Orange, California that was acquired by the
Company’s predecessor in August of 2008 and contributed to the Company in
connection with its June 29, 2010 initial public offering.

Seattle Acquisition

On July 31, 2013, the Company acquired a 848,001 square-foot office portfolio
in Seattle, Washington from Spear Street Capital for approximately $368.6
million (net of certain credits and before closing costs and prorations). The
purchase price was paid from a combination of cash-on-hand (including funds
from the 1031 exchange of City Plaza), borrowings under the Company’s
corporate unsecured credit facility, and the asset-level financing described
below. The Seattle Portfolio consists of the following:

  * a two-building, 484,463 square-foot waterfront property located in the
    Pioneer Square submarket of downtown Seattle, referred to as the First &
    King property. This property is 88.2% leased to tenants such as Capital
    One/ING Direct, EMC Corporation and Nuance Communications;
  * a 189,762 square-foot Class-A office building located in the South Lake
    Union submarket of downtown Seattle, referred to as the Met Park North
    property. This building is 94.6% leased, with 72.4% of the building to be
    occupied by Amazon.com, Inc. under a ten-year lease expected to commence
    in November 2013; and
  * a 173,776 square-foot building located in the Edmonds/Lynnwood submarket
    of Seattle’s Northend, referred to as the Northview property. This
    building is 88.6% leased to tenants such as Automatic Data Processing,
    Inc. and the Federal Emergency Management Agency.

Financings

Seattle Portfolio (Met Park North and First & King Properties)

In connection with the acquisition of the Seattle portfolio, on July 31, 2013,
the Company closed a seven-year loan totaling $64.5 million with Union Bank,
N.A., secured by the Company’s Met Park North property. The loan bears
interest at a rate equal to one-month LIBOR plus 155 basis points. The full
loan is subject to an interest rate contract that swapped one-month LIBOR to a
fixed rate of 2.1644% through the loan’s maturity on August 1, 2020. Proceeds
from the loan were used toward the purchase the Seattle portfolio.

On August 14, 2013, the Company closed a five-year loan totaling $95.0 million
with Wells Fargo Bank, N.A., secured by the Company’s First & King property.
The loan bears interest at a rate equal to one-month LIBOR plus 160 basis
points. Proceeds from the loan were used toward the repayment of amounts drawn
on our unsecured credit facility in connection with the Seattle portfolio
acquisition.

Media and Entertainment Properties

Effective August 22, 2013, the terms of the Company’s loan secured by its
Sunset Gower and Sunset Bronson media and entertainment properties were
amended to increase the outstanding balance from $92.0 million to $97.0
million, reduce the interest rate from LIBOR plus 3.50% to LIBOR plus 2.25%,
and extend the maturity date from February 11, 2016 to February 11, 2018.

Leasing Activities (Subsequent to end of third quarter)

Throughout the third quarter the Company negotiated a new 12-year lease with
Deluxe Entertainment Services Inc., a leading provider of services and
technologies for the global digital media and entertainment industry, for its
entire 63,376 square-foot 3401 Exposition Blvd. property in Santa Monica,
California. The lease was executed on October 22, 2013. Commencement of the
lease with Deluxe is scheduled for the early third quarter of 2014.

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 third quarter of 2013. Both dividends were paid on
September 30, 2013 to stockholders of record on September 20, 2013.

2013 Outlook

The Company is revising its full-year 2013 FFO guidance from its previously
announced range of $0.91 to $0.95 per diluted share (excluding specified
items) to a revised range of $0.93 to $0.97 per diluted share (excluding
specified items). The revised guidance reflects the Company’s FFO for the
third quarter ended September 30, 2013 of $0.24 per diluted share (excluding
specified items). Stronger than expected operating results from our media and
entertainment properties and interest savings from the recent amendment to the
loan secured by the media and entertainment properties largely account for
this upward revision. In addition, this guidance reflects the acquisitions,
financings and leasing activity referenced in this press release and all
previously announced acquisitions, dispositions, financings and leasing
activity. As is always the case, the Company’s guidance does not reflect or
attempt to anticipate any impact to FFO from speculative acquisitions. The
full-year 2013 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 unannounced or speculative
acquisitions, dispositions, debt financings or repayments, recapitalizations,
capital market activity, or similar matters.

Supplemental Information

Supplemental financial information regarding the Company’s third quarter 2013
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 conduct a conference call to discuss the results at 1:30 p.m.
PT / 4:30 p.m. ET on November 4, 2013. To participate in the event by
telephone, please dial (877) 407-0784 five to 10 minutes prior to the start
time (to allow time for registration) and use conference ID 10000485.
International callers should dial (201) 689-8560 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. 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 November 4, at 4:30
p.m. PT / 7:30 p.m. ET, through November 11, at 8:59 p.m. PT / 11:59 p.m. ET.
To access the replay, dial (877) 870-5176 and use passcode 10000485.
International callers should dial (858) 384-5517 and enter the same conference
ID number.

Use of Non-GAAP Information

The Company calculates 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. The Company uses 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. The Company also believes that, as a widely recognized
measure of the performance of REITs, FFO will be used by investors as a basis
to compare its 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 its properties, all of
which have real economic effect and could materially impact the Company’s
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, the Company’s 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 the Company’s performance. FFO should
not be used as a measure of the Company’s liquidity, nor is it indicative of
funds available to fund the Company’s cash needs, including the Company’s
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 the Pacific Northwest and 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 and Seattle. The Company’s portfolio
currently consists of approximately 6.2 million square feet, not including
undeveloped land that the Company believes can support an additional 1.6
million square feet. The Company has elected to be taxed 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, 2012 filed with the Securities and Exchange Commission on March
14, 2013, 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 Sheet
(In thousands, except share data)
 
                                                 September 30,   December 31,
                                                 2013            2012
ASSETS                                           (Unaudited)     Audited
REAL ESTATE ASSETS
Land                                             $ 581,842       $ 478,273
Building and improvements                        1,257,236       831,791
Tenant improvements                              93,932          75,094
Furniture and fixtures                           14,386          11,545
Property under development                       50,597          23,961       
Total real estate held for investment            1,997,993       1,420,664
Accumulated depreciation and amortization        (104,609    )   (80,303     )
Investment in real estate, net                   1,893,384       1,340,361
Cash and cash equivalents                        29,341          18,904
Restricted cash                                  17,679          14,322
Accounts receivable, net                         11,922          12,167
Notes receivable                                 —               4,000
Straight-line rent receivables                   19,601          12,732
Deferred leasing costs and lease intangibles,    107,041         81,010
net
Deferred finance costs, net                      8,278           8,175
Interest rate contracts                          87              71
Goodwill                                         8,754           8,754
Prepaid expenses and other assets                6,209           4,588
Assets associated with real estate held for sale —               54,608       
TOTAL ASSETS                                     $ 2,102,296     $ 1,559,692  
                                                                  
LIABILITIES AND EQUITY
Notes payable                                    $ 891,175       $ 582,085
Accounts payable and accrued liabilities         39,270          18,578
Below-market leases                              47,667          31,560
Security deposits                                6,083           5,291
Prepaid rent                                     6,705           11,276
Interest rate contracts                          863             —
Obligations associated with real estate held for —               1,205        
sale
TOTAL LIABILITIES                                991,763         649,995
                                                                  
6.25% series A cumulative redeemable preferred   12,475          12,475
units of the Operating Partnership
                                                                  
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   145,000         145,000
preference, 5,800,000 shares outstanding at
September 30, 2013 and December 31, 2012,
respectively
Common stock, $0.01 par value, 490,000,000
authorized, 56,711,202 shares and 47,496,732     567             475
shares outstanding at September 30, 2013 and
December 31, 2012, respectively
Additional paid-in capital                       899,251         726,605
Accumulated other comprehensive loss             (1,989      )   (1,287      )
Accumulated deficit                              (45,101     )   (30,580     )
Total Hudson Pacific Properties, Inc.            997,728         840,213
stockholders’ equity
Non-controlling interest—members in Consolidated 46,340          1,460
Entities
Non-controlling common units in the Operating    53,990          55,549       
Partnership
TOTAL EQUITY                                     1,098,058       897,222      
TOTAL LIABILITIES AND EQUITY                     $ 2,102,296     $ 1,559,692  
                                                                              

Hudson Pacific Properties, Inc.
Combined Statements of Operations
(Unaudited, in thousands, except share and per share data)
                                                     
                           Three Months Ended            Nine Months Ended
                           September 30,                 September 30,
                        2013           2012           2013           2012
Revenues
Office
Rental                  $  33,575      $  22,039      $  89,665      $  64,161
Tenant recoveries       6,520          4,989          17,617         15,856
Parking and other       3,426          2,537          10,472         7,062       
Total office            43,521         29,565         117,754        87,079
revenues
                                                                      
Media &
entertainment
Rental                  5,977          6,075          17,162         17,331
Tenant recoveries       500            406            1,241          1,071
Other
property-related        3,170          4,476          11,368         10,797
revenue
Other                   180            44             616            146         
Total media &
entertainment           9,827          11,001         30,387         29,345
revenues
                                                                      
Total revenues          53,348         40,566         148,141        116,424     
                                                                      
Operating expenses
Office operating        16,766         12,211         44,191         35,977
expenses
Media &
entertainment           6,136          6,934          18,133         17,993
operating expenses
General and             5,020          4,083          15,195         12,748
administrative
Depreciation and        20,256         12,808         53,069         37,614      
amortization
Total operating         48,178         36,036         130,588        104,332     
expenses
                                                                      
Income from             5,170          4,530          17,553         12,092
operations
                                                                      
Other expense
(income)
Interest expense        7,319          4,511          18,673         13,977
Interest income         (22        )   (142       )   (262       )   (149       )
Acquisition-related     483            455            992            815
expenses
Other (income)          (13        )   (125       )   41             (35        )
expenses
                        7,767          4,699          19,444         14,608      
Loss from
continuing              (2,597     )   (169       )   (1,891     )   (2,516     )
operations
                                                                      
(Loss) income from
discontinued            (10        )   (105       )   1,608          481
operations
Impairment loss
from discontinued       (145       )   —              (5,580     )   —           
operations
Net (loss) income
from discontinued       (155       )   (105       )   (3,972     )   481         
operations
Net loss                $  (2,752  )   $  (274    )   $  (5,863  )   $  (2,035  )
Net income
attributable to         (3,231     )   (3,231     )   (9,693     )   (9,693     )
preferred stock and
units
Net income
attributable to         (71        )   (69        )   (229       )   (226       )
restricted shares
Net loss
attributable to
non-controlling         118            —              399            —
interest in
Consolidated
Entities
Net loss
attributable to
common units in the     242            179            636            704         
Operating
Partnership
Net loss
attributable to
Hudson Pacific          $  (5,694  )   $  (3,395  )   $  (14,750 )   $  (11,250 )
Properties, Inc.
common stockholders
Basic and diluted
per share amounts:
Net loss from
continuing
operations              $  (0.10   )   $  (0.07   )   $  (0.20   )   $  (0.29   )
attributable to
common stockholders
Net (loss) income
from discontinued       —              —              (0.07      )   0.01        
operations
Net loss
attributable to
common                  $  (0.10   )   $  (0.07   )   $  (0.27   )   $  (0.28   )
stockholders’ per
share—basic and
diluted
Weighted average
shares of common
stock                   56,144,099     46,668,862     54,815,763     39,945,249  
outstanding—basic
and diluted
Dividends declared
per share of common     $  0.125       $  0.125       $  0.375       $  0.375    
stock
                                                                                 

Hudson Pacific Properties, Inc.
Funds From Operations
(Unaudited, in thousands, except per share data)
                                                       
                              Three Months Ended        Nine Months Ended
                              September 30,             September 30,
                              2013         2012         2013         2012
Reconciliation of net
loss to Funds From
Operations (FFO):
Net loss                      $ (2,752 )   $ (274   )   $ (5,863 )   $ (2,035 )
Adjustments:
Depreciation and
amortization of real          20,256       12,808       53,069       37,614
estate assets
Depreciation and
amortization—discontinued     —            774          789          1,808
operations
Impairment loss               145          —            5,580        —
FFO attributable to
non-controlling interest      (890     )   —            (1,018   )   —
in Consolidated Entities
Net income attributable
to preferred stock and        (3,231   )   (3,231   )   (9,693   )   (9,693   )
units
FFO to common
stockholders and unit         $ 13,528     $ 10,077     $ 42,864     $ 27,694
holders
Specified items impacting
FFO:
Acquisition-related           483          455          992          815
expenses
One-time property tax         —            —            (797     )   918
expenses/(savings)
Lease termination revenue     —            —            (1,082   )   —         
FFO (excluding specified
items) to common              $ 14,011     $ 10,532     $ 41,977     $ 29,427
stockholders and unit
holders
                                                                      
Weighted average common
stock/units                   59,094       49,675       57,808       43,140
outstanding—diluted
FFO per common                $ 0.23       $ 0.20       $ 0.74       $ 0.64
stock/unit—diluted
FFO (excluding specified
items) per common             $ 0.24       $ 0.21       $ 0.73       $ 0.68
stock/unit—diluted

Contact:

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
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