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Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today announced financial results for the first quarter ended March 31, 2012.
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."