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

Stocks in this article: HPP

Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today announced financial results for the second quarter ended June 30, 2012.

Financial Results

Funds From Operations (FFO) (after specified items) for the three months ended June 30, 2012 totaled $9.5 million, or $0.22 per diluted share, compared to FFO (after specified items) of $8.4 million, or $0.26 per share, a year ago. The specified items for the second quarter of 2012 consisted of expenses associated with the acquisition of 901 Market Street in San Francisco and the pending acquisition of the Olympic Bundy Media Complex in West Los Angeles of $0.3 million, or $0.01 per diluted share, and a one-time supplemental property tax expense for periods prior to the current year of $0.9 million, or $0.02 per diluted share, described more fully below. Second quarter 2011 results reflect $0.8 million of property tax savings stemming from reassessments on several of the Company's properties for periods prior to 2011. FFO including the specified items totaled $8.2 million, or $0.19 per diluted share, for the three months ended June 30, 2012, compared to $8.4 million, or $0.26 per share, a year ago.

The Company reported a net loss attributable to common shareholders of $5.2 million, or $(0.13) per diluted share, for the three months ended June 30, 2012, compared to net loss attributable to common shareholders of $2.1 million, or $(0.07) per diluted share, for the three months ended June 30, 2011.

“Strategic acquisitions, a successful common offering, and strong leasing made for a highly productive second quarter,” said Mr. Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. “During the quarter, we significantly enhanced our office portfolio with the acquisition of 901 Market Street in San Francisco and our agreement to acquire the Olympic Bundy Media Complex in West Los Angeles. These properties are located in two of the strongest markets in the country and represent a tremendous opportunity to create value by leveraging our design, repositioning and leasing expertise. To finance these acquisitions, we raised $190.8 million from the sale of common stock. This successful offering included the full exercise of the underwriters' over-allotment option, which indicates strong investor confidence in our operating platform.

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