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

Stocks in this article: HPP

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

Financial Results

Funds From Operations (FFO) (excluding specified items) for the three months ended September 30, 2012 totaled $10.5 million, or $0.21 per diluted share, compared to FFO (excluding specified items) of $9.0 million, or $0.25 per share, a year ago. The specified items for the third quarter of 2012 consisted of expenses associated with the acquisition of the Olympic Bundy Media Campus in West Los Angeles of $0.5 million, or $0.01 per diluted share. Specified items for the third quarter of 2011 consisted of expenses associated with the acquisitions of 604 Arizona in Santa Monica, 275 Brannan Street in San Francisco and 625 Second Street in San Francisco, of $0.8 million, or $0.02 per diluted share. FFO including the specified items totaled $10.1 million, or $0.20 per diluted share, for the three months ended September 30, 2012, compared to $8.2 million, or $0.23 per share, a year ago.

The Company reported a net loss attributable to common shareholders of $3.4 million, or $(0.07) per diluted share, for the three months ended September 30, 2012, compared to net loss attributable to common shareholders of $2.7 million, or $(0.08) per diluted share, for the three months ended September 30, 2011.

“The third quarter was characterized by the completion of important acquisition and financing transactions and critical leasing activity culminating with the execution of significant leases shortly following the quarter," said Mr. Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. "During the quarter, we completed our previously announced acquisition of the Olympic Bundy Media Campus in Los Angeles and replaced our $200.0 million secured revolving credit facility with a $250.0 million unsecured revolving credit facility. The pace of leasing activity also remained strong not only with the execution of 148,048 square feet of new and renewal leases in the quarter, but with the fruit of third quarter efforts realized subsequent to the end of the period, including the execution of a 246,078 square foot lease with Square, Inc. at our 1455 Market Street property and 17,521 square feet lease with Hotel Tonight, Inc. at our 901 Market Street property."

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