– Over 380,000 Square Feet of Leasing Activity
–
– Positive Rent Spreads of 8.7% GAAP and 3.4%
Cash –
– Updates 2022 Outlook –
Hudson Pacific Properties, Inc. (NYSE: HPP), a unique
provider of end-to-end real estate solutions for dynamic tech and
media tenants in global epicenters for these synergistic,
converging and secular growth industries, today announced financial
results for the third quarter 2022.
"We are pleased that our ongoing efforts in serving the tech and
media industries across our world-class portfolio produced a
year-over-year increase in leasing activity with over 380,000
square feet completed during the quarter," stated Victor Coleman,
Chairman and CEO. "There is no question that tenants are being more
methodical in their decision process given a slower than
anticipated return-to-office and the rapidly changing economic
climate, marked by high inflation and rising interest rates. Driven
by our sharp focus on leasing our highly amenitized collaborative
and sustainable office and studio space, we continue to see strong
traffic and elevated interest in many of our properties. With
nearly $1 billion of liquidity and 93% of our debt fixed or hedged,
our balance sheet is well-positioned to support our ongoing leasing
and development efforts as we continue to forge ahead and build
long-term shareholder value."
Financial Results Compared to Third Quarter
2021
- Total revenue increased 14.4% to $260.4 million
- Net loss attributable to common stockholders of $17.3 million,
or $0.12 per diluted share, compared to net loss of $9.3 million,
or $0.06 per diluted share
- FFO, excluding specified items, of $74.1 million, or $0.52 per
diluted share, compared to $77.3 million, or $0.50 per diluted
share. Specified items consist of transaction-related expenses of
$9.3 million, or $0.07 per diluted share, and a one-time property
tax expense of $0.4 million, or $0.00 per diluted share, compared
to transaction-related expenses of $6.3 million, or $0.04 per
diluted share and a one-time debt extinguishment cost of $3.2
million, or $0.02 per diluted share, offset by a one-time,
prior-period property tax reimbursement of $1.3 million, or $0.01
per diluted share
- FFO of $64.4 million, or $0.45 per diluted share, compared to
$69.1 million, or $0.45 per diluted share
- AFFO of $55.8 million, or $0.39 per diluted share, compared to
$68.5 million, or $0.44 per diluted share
- Same-store property cash NOI of $122.7 million compared to
$125.2 million
Leasing
- Executed 65 new and renewal leases totaling 381,364 square
feet
- GAAP and cash rents increased 8.7% and 3.4%, respectively, from
prior levels
- In-service office portfolio ended the quarter at 87.8% occupied
and 89.3% leased
- Same-store studio portfolio was 84.4% occupied and leased over
the trailing 12-months
Development
- Tenant improvements ongoing at fully leased 590,000-square-foot
One Westside and 130,000-square-foot Harlow office (re)development
projects with GAAP rents commenced and stabilization anticipated in
the second quarter 2023 and fourth quarter 2022, respectively
- Under-construction projects include Sunset Glenoaks, a 7-stage,
241,000-square-foot studio in Los Angeles delivering in second half
of 2023, and Washington 1000, a 546,000-square-foot office
development in Seattle delivering in 2024
Acquisitions/Dispositions
- Acquired Quixote, a leading provider of sound stages and
production services, for $360 million before closing
adjustments
- Sold office properties Northview Center in Lynnwood, Washington
and Del Amo in Torrance, California, generating a total of $48.8
million of proceeds before closing adjustments
- Subsequent to the quarter, sold 6922 Hollywood office property
in Hollywood, California for $96.0 million before closing
adjustments
Capital Markets
- Completed public offering of $350.0 million of senior unsecured
green bonds at 5.950% due February 2028
Balance Sheet as of September 30, 2022
- $866.7 million of total liquidity comprised of $161.7 million
of unrestricted cash and cash equivalents and $705.0 million of
undrawn capacity under the unsecured revolving credit facility
- Another $141.5 million and $69.8 million of undrawn capacity
under construction loans secured by One Westside/10850 Pico and
Sunset Glenoaks, respectively
- $3.7 billion of Company's share of unsecured and secured debt
and preferred units (net of cash and cash equivalents)
- 91.1% fixed or hedged debt with weighted average maturity of
4.4 years including extensions
- Subsequent to the quarter, the Company used $85.0 million of
6922 Hollywood sale proceeds to repay amounts outstanding on its
unsecured resolving credit facility, resulting in $790.0 million of
undrawn capacity, or an increase in total liquidity to $951.7
million with 93.2% fixed or hedged debt
Dividend
- The Company's Board of Directors declared and paid dividends on
its common stock of $0.25 per share, equivalent to an annual rate
of $1.00 per share, and on its 4.750% Series C cumulative preferred
stock of $0.296875 per share, equivalent to an annual rate of
$1.18750 per share
ESG Leadership
- Subsequent to the quarter, ranked #1 out of 96 companies in
Office, Americas peer group for GRESB's 2022 Real Estate
Assessment, achieving a Green Star designation and the highest
5-star rating for a fourth consecutive year
2022 Outlook
The Company is narrowing its 2022 full-year FFO guidance to a
range of $2.01 to $2.05 per diluted share, excluding specified
items, from the prior range of $2.00 to $2.06. Specified items
consist of an $8.5 million trade name non-cash impairment, $10.7
million of transaction-related expenses, and a $0.8 million
one-time property tax expense identified as excluded items in the
Company's year-to-date 2022 FFO.
The FFO outlook reflects 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 press release and in earlier announcements. It
otherwise excludes any impact from new acquisitions, dispositions,
debt financings or repayments, recapitalizations, capital markets
activity or similar matters. There can be no assurance that actual
results will not differ materially from this estimate.
Below are some of the assumptions the Company used in providing
this guidance (dollars and share data in thousands):
Current Guidance
Full Year 2022
Metric
Low
High
FFO per share
$
2.01
$
2.05
Growth in same-store property cash
NOI(1)(2)
2.50
%
3.50
%
GAAP non-cash revenue (straight-line rent
and above/below-market rents)(3)
$
40,000
$
50,000
GAAP non-cash expense (straight-line rent
expense and above/below-market ground rent)
$
(4,500
)
$
(4,500
)
General and administrative expenses(4)
$
(79,000
)
$
(83,000
)
Interest expense(5)
$
(151,500
)
$
(154,500
)
Interest income
$
1,950
$
2,050
Corporate-related depreciation and
amortization
$
(19,900
)
$
(20,100
)
FFO from unconsolidated joint ventures
$
7,000
$
8,000
FFO attributable to non-controlling
interests
$
(69,500
)
$
(73,500
)
FFO attributable to preferred
units/shares
$
(21,000
)
$
(21,000
)
Weighted average common stock/units
outstanding—diluted(6)
146,000
147,000
(1)
Same-store for the full year 2022 is
defined as the 42 stabilized office properties and three studio
properties owned and included in the portfolio as of January 1,
2021, and anticipated to still be owned and included in the
portfolio through December 31, 2022. Same-store property cash NOI
growth assumes the expiration (without renewal or backfill in 2022)
of all 376,817 square feet leased to Qualcomm at Skyport Plaza as
of July 31, 2022. Adjusted for this expiration, full year 2022
same-store property cash NOI growth would be 4.25% - 5.25%.
(2)
Please see non-GAAP information below for
definition of cash NOI.
(3)
Includes non-cash straight-line rent
associated with the studio and office properties.
(4)
Includes non-cash compensation expense,
which the Company estimates at $25,000 in 2022.
(5)
Includes amortization of deferred
financing costs and loan discounts/premiums, which the Company
estimates at $14,000 in 2022.
(6)
Diluted shares represent ownership in the
Company through shares of common stock, OP Units and other
convertible or exchangeable instruments. The weighted average fully
diluted common stock/units outstanding for 2022 includes an
estimate for the dilution impact of stock grants to the Company's
executives under its 2020, 2021 and 2022 long-term incentive
programs. This estimate is based on the projected award potential
of such programs as of the end of the most recently completed
quarter, as calculated in accordance with the ASC 260, Earnings Per
Share.
The Company does not provide a reconciliation for non-GAAP
estimates on a forward-looking basis, including the information
under "FFO Guidance" above, where it is unable to provide a
meaningful or accurate calculation or estimation of reconciling
items and the information is not available without unreasonable
effort. This is due to the inherent difficulty of forecasting the
timing and/or amount of various items that would impact net income
attributable to common stockholders per diluted share, which is the
most directly comparable forward-looking GAAP financial measure.
This includes, for example, acquisition costs and other non-core
items that have not yet occurred, are out of the Company's control
and/or cannot be reasonably predicted. For the same reasons, the
Company is unable to address the probable significance of the
unavailable information. Forward-looking non-GAAP financial
measures provided without the most directly comparable GAAP
financial measures may vary materially from the corresponding GAAP
financial measures.
Supplemental Information
Supplemental financial information regarding Hudson Pacific's
third quarter 2022 results may be found on the Investors section of
the Company's website at 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 hold a conference call to discuss third quarter
2022 financial results at 11:00 a.m. PT / 2:00 p.m. ET on November
3, 2022. Please dial (833) 470-1428 and enter passcode 131380 to
access the call. International callers should dial (404) 975-4839
and enter the same passcode. A live, listen-only webcast and replay
can be accessed via the Investors section of the Company's website
at HudsonPacificProperties.com.
About Hudson Pacific Properties
Hudson Pacific Properties (NYSE: HPP) is a real estate
investment trust serving dynamic tech and media tenants in global
epicenters for these synergistic, converging and secular growth
industries. Hudson Pacific’s unique and high-barrier tech and media
focus leverages a full-service, end-to-end value creation platform
forged through deep strategic relationships and niche expertise
across identifying, acquiring, transforming and developing
properties into world-class amenitized, collaborative and
sustainable office and studio space. For more information visit
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,
which 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 filed with the
Securities and Exchange Commission, or SEC, and other risks
described in documents subsequently filed by the Company from time
to time with the SEC.
Consolidated Balance
Sheets
Unaudited, in thousands, except
share data
September 30, 2022
December 31, 2021
(Unaudited)
ASSETS
Investment in real estate, at cost
$
8,656,934
$
8,361,477
Accumulated depreciation and
amortization
(1,478,250
)
(1,283,774
)
Investment in real estate, net
7,178,684
7,077,703
Non-real estate property, plant and
equipment, net
128,504
58,469
Cash and cash equivalents
161,667
96,555
Restricted cash
42,401
100,321
Accounts receivable, net
19,692
25,339
Straight-line rent receivables, net
275,518
240,306
Deferred leasing costs and intangible
assets, net
405,434
341,444
U.S. Government securities
—
129,321
Operating lease right-of-use assets
399,570
287,041
Prepaid expenses and other assets, net
106,640
119,000
Investment in unconsolidated real estate
entities
154,144
154,731
Goodwill
261,139
109,439
Assets associated with real estate held
for sale
187,026
250,520
TOTAL ASSETS
$
9,320,419
$
8,990,189
LIABILITIES AND EQUITY
Liabilities
Unsecured and secured debt, net
$
4,449,316
$
3,733,903
In-substance defeased debt
—
128,212
Joint venture partner debt
66,136
66,136
Accounts payable, accrued liabilities and
other
355,545
300,959
Operating lease liabilities
396,412
293,596
Intangible liabilities, net
35,758
42,290
Security deposits, prepaid rent and
other
87,049
84,939
Liabilities associated with real estate
held for sale
2,475
3,898
Total liabilities
5,392,691
4,653,933
Redeemable preferred units of the
operating partnership
9,815
9,815
Redeemable non-controlling interest in
consolidated real estate entities
125,583
129,449
Equity
Hudson Pacific Properties, Inc.
stockholders' equity:
Preferred stock, $0.01 par value,
18,400,000 authorized at September 30, 2022 and December 31, 2021;
4.750% Series C cumulative redeemable preferred stock; $25.00 per
share liquidation preference, 17,000,000 outstanding at September
30, 2022 and December 31, 2021
425,000
425,000
Common stock, $0.01 par value, 481,600,000
authorized, 140,923,320 shares and 151,124,543 shares outstanding
at September 30, 2022 and December 31, 2021, respectively
1,408
1,511
Additional paid-in capital
2,935,448
3,317,072
Accumulated other comprehensive loss
(17,066
)
(1,761
)
Total Hudson Pacific Properties, Inc.
stockholders' equity
3,344,790
3,741,822
Non-controlling interest—members in
consolidated real estate entities
384,724
402,971
Non-controlling interest—units in the
operating partnership
62,816
52,199
Total equity
3,792,330
4,196,992
TOTAL LIABILITIES AND EQUITY
$
9,320,419
$
8,990,189
Consolidated Statements of
Operations
Unaudited, in thousands, except
share data
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
REVENUES
Office
Rental
$
208,779
$
197,941
$
626,807
$
580,354
Service and other revenues
4,712
3,925
14,328
9,358
Total office revenues
213,491
201,866
641,135
589,712
Studio
Rental
15,305
12,768
42,137
36,472
Service and other revenues
31,558
12,998
73,025
30,169
Total studio revenues
46,863
25,766
115,162
66,641
Total revenues
260,354
227,632
756,297
656,353
OPERATING EXPENSES
Office operating expenses
78,340
71,865
230,529
207,538
Studio operating expenses
26,688
12,044
66,357
35,963
General and administrative
19,795
18,288
62,178
53,846
Depreciation and amortization
93,070
88,568
276,701
255,507
Total operating expenses
217,893
190,765
635,765
552,854
OTHER INCOME (EXPENSE)
(Loss) income from unconsolidated real
estate entities
(352
)
566
1,731
1,671
Fee income
911
678
3,122
2,323
Interest expense
(37,261
)
(30,825
)
(101,816
)
(91,800
)
Interest income
196
934
2,026
2,868
Management services reimbursement
income—unconsolidated real estate entities
983
253
3,159
879
Management services expense—unconsolidated
real estate entities
(983
)
(253
)
(3,159
)
(879
)
Transaction-related expenses
(9,331
)
(6,300
)
(10,713
)
(7,364
)
Unrealized (loss) gain on non-real estate
investments
(894
)
827
(1,062
)
11,620
Loss on sale of real estate
(180
)
—
(180
)
—
Impairment loss
(4,795
)
(2,762
)
(28,548
)
(2,762
)
Loss on extinguishment of debt
—
(6,249
)
—
(6,249
)
Other income (expense)
2,453
82
4,047
(1,547
)
Total other expenses
(49,253
)
(43,049
)
(131,393
)
(91,240
)
Net (loss) income
(6,792
)
(6,182
)
—
(10,861
)
12,259
Net income attributable to Series A
preferred units
(153
)
(153
)
(459
)
(459
)
Net income attributable to Series C
preferred shares
(5,047
)
—
(15,384
)
—
Net income attributable to participating
securities
(300
)
(276
)
(894
)
(830
)
Net income attributable to non-controlling
interest in consolidated real estate entities
(6,256
)
(3,585
)
(21,898
)
(15,764
)
Net loss attributable to redeemable
non-controlling interest in consolidated real estate entities
1,037
816
4,433
2,780
Net loss attributable to common units in
the operating partnership
225
85
548
16
NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS
$
(17,286
)
$
(9,295
)
$
(44,515
)
$
(1,998
)
BASIC AND DILUTED PER SHARE
AMOUNTS
Net loss attributable to common
stockholders—basic
$
(0.12
)
$
(0.06
)
$
(0.31
)
$
(0.01
)
Net loss attributable to common
stockholders—diluted
$
(0.12
)
$
(0.06
)
$
(0.31
)
$
(0.01
)
Weighted average shares of common stock
outstanding—basic
141,117,194
152,320,252
144,677,652
151,443,305
Weighted average shares of common stock
outstanding—diluted
141,117,194
152,320,252
144,677,652
151,443,305
Funds From Operations
Unaudited, in thousands, except
per share data
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
RECONCILIATION OF NET (LOSS) INCOME TO
FUNDS FROM OPERATIONS (“FFO”)(1):
Net (loss) income
$
(6,792
)
$
(6,182
)
$
(10,861
)
$
12,259
Adjustments:
Depreciation and
amortization—Consolidated
93,070
88,568
276,701
255,507
Depreciation and amortization—Non-real
estate assets
(5,541
)
(2,221
)
(14,458
)
(3,388
)
Depreciation and amortization—Company's
share from unconsolidated real estate entities
1,278
1,462
3,967
4,523
Loss on sale of real estate
180
—
180
—
Impairment loss—Real estate assets
4,795
2,762
20,048
2,762
Unrealized loss (gain) on non-real estate
investments
894
(827
)
1,062
(11,620
)
Tax impact of unrealized gain on non-real
estate investment
—
—
—
1,876
FFO attributable to non-controlling
interests
(18,261
)
(14,288
)
(56,934
)
(46,731
)
FFO attributable to preferred shares and
units
(5,200
)
(153
)
(15,843
)
(459
)
FFO to common stockholders and
unitholders
64,423
69,121
203,862
214,729
Specified items impacting FFO:
Transaction-related expenses
9,331
6,300
10,713
7,364
One-time prior period net property tax
adjustment—Company’s share
366
(1,346
)
786
26
Impairment loss—Trade name
—
—
8,500
—
One-time debt extinguishment
cost—Company's share
—
3,187
—
3,187
FFO (excluding specified items) to
common stockholders and unitholders
$
74,120
$
77,262
$
223,861
$
225,306
Weighted average common stock/units
outstanding—diluted
143,158
154,027
147,068
153,379
FFO per common stock/unit—diluted
$
0.45
$
0.45
$
1.39
$
1.40
FFO (excluding specified items) per common
stock/unit—diluted
$
0.52
$
0.50
$
1.52
$
1.47
- Hudson Pacific calculates FFO in accordance with the White
Paper on FFO approved by the Board of Governors of the National
Association of Real Estate Investment Trusts (“NAREIT”). The White
Paper defines FFO as net income or loss calculated in accordance
with generally accepted accounting principles in the United States
(“GAAP”), excluding gains and losses from sales of depreciable real
estate and impairment write-downs associated with depreciable real
estate, plus real estate-related depreciation and amortization
(excluding amortization of deferred financing costs and
depreciation of non-real estate assets), adjusting for consolidated
and unconsolidated joint ventures. The calculation of FFO includes
amortization of deferred revenue related to tenant-funded tenant
improvements and excludes the depreciation of the related tenant
improvement assets. Hudson Pacific believes that FFO is a useful
supplemental measure of its operating performance. The exclusion
from FFO of gains and losses from the sale of operating real estate
assets allows investors and analysts to readily identify the
operating results of the assets that form the core of the Company's
activity and assists in comparing those operating results between
periods. Also, because FFO is generally recognized as the industry
standard for reporting the operations of REITs, it facilitates
comparisons of operating performance to other REITs. However, other
REITs may use different methodologies to calculate FFO, and
accordingly, the Company's FFO may not be comparable to all other
REITs. Implicit in historical cost accounting for real estate
assets in accordance with GAAP is the assumption that the value of
real estate assets diminishes predictably over time. Since real
estate values have historically risen or fallen with market
conditions, many industry investors and analysts have considered
presentations of operating results for real estate companies using
historical cost accounting alone to be insufficient. Because FFO
excludes depreciation and amortization of real estate assets,
Hudson Pacific believes that FFO along with the required GAAP
presentations provides a more complete measurement of the Company's
performance relative to its competitors and a more appropriate
basis on which to make decisions involving operating, financing and
investing activities than the required GAAP presentations alone
would provide. Hudson Pacific uses FFO per share to calculate
annual cash bonuses for certain employees. However, FFO should not
be viewed as an alternative measure of Hudson Pacific's operating
performance because it does not reflect either depreciation and
amortization costs or the level of capital expenditures and leasing
costs necessary to maintain the operating performance of the
Company's properties, which are significant economic costs and
could materially impact the Company's results from operations.
Net Operating Income
Unaudited, in thousands
Three Months Ended September
30,
2022
2021
RECONCILIATION OF NET LOSS TO NET
OPERATING INCOME (“NOI”)(1):
Net loss
$
(6,792
)
$
(6,182
)
Adjustments:
Loss (income) from unconsolidated real
estate entities
352
(566
)
Fee income
(911
)
(678
)
Interest expense
37,261
30,825
Interest income
(196
)
(934
)
Management services reimbursement
income—unconsolidated real estate entities
(983
)
(253
)
Management services expense—unconsolidated
real estate entities
983
253
Transaction-related expenses
9,331
6,300
Unrealized loss (gain) on non-real estate
investments
894
(827
)
Loss on sale of real estate
180
—
Impairment loss
4,795
2,762
Loss on extinguishment of debt
—
6,249
Other income
(2,453
)
(82
)
General and administrative
19,795
18,288
Depreciation and amortization
93,070
88,568
NOI
$
155,326
$
143,723
NET OPERATING INCOME BREAKDOWN
Same-store office cash revenues
179,876
177,820
Straight-line rent
(3,176
)
1,787
Amortization of above-market and
below-market leases, net
1,503
2,931
Amortization of lease incentive costs
(327
)
(423
)
Same-store office revenues
177,876
182,115
Same-store studios cash revenues
21,834
18,070
Straight-line rent
440
690
Amortization of lease incentive costs
(9
)
(9
)
Same-store studio revenues
22,265
18,751
Same-store revenues
200,141
200,866
Same-store office cash expenses
65,906
61,765
Straight-line rent
325
325
Non-cash portion of interest expense
21
11
Amortization of above-market and
below-market ground leases, net
586
586
Same-store office expenses
66,838
62,687
Same-store studio cash expenses
13,080
8,878
Non-cash portion of interest expense
70
80
Same-store studio expenses
13,150
8,958
Same-store expenses
79,988
71,645
Same-store net operating income
120,153
129,221
Non-same-store net operating
income
35,173
14,502
NET OPERATING INCOME
$
155,326
$
143,723
SAME-STORE OFFICE NOI DECREASE
(7.0
) %
SAME-STORE OFFICE CASH NOI
DECREASE
(1.8
) %
SAME-STORE STUDIO NOI DECREASE
(6.9
) %
SAME-STORE STUDIO CASH NOI
DECREASE
(4.8
) %
- Hudson Pacific evaluates performance based upon property NOI
from continuing operations. NOI is not a measure of operating
results or cash flows from operating activities or cash flows as
measured by GAAP and should not be considered an alternative to
income from continuing operations, as an indication of the
Company's performance, or as an alternative to cash flows as a
measure of liquidity, or the Company's ability to make
distributions. All companies may not calculate NOI in the same
manner. Hudson Pacific considers NOI to be a useful performance
measure to investors and management because when compared across
periods, NOI reflects the revenues and expenses directly associated
with owning and operating the Company's properties and the impact
to operations from trends in occupancy rates, rental rates and
operating costs, providing a perspective not immediately apparent
from income from continuing operations. Hudson Pacific calculates
NOI as net income (loss) excluding corporate general and
administrative expenses, depreciation and amortization,
impairments, gains/losses on sales of real estate, interest
expense, transaction-related expenses and other non-operating
items. Hudson Pacific defines NOI as operating revenues (including
rental revenues, other property-related revenue, tenant recoveries
and other operating revenues), less property-level operating
expenses (which includes external management fees, if any, and
property-level general and administrative expenses). NOI on a cash
basis is NOI adjusted to exclude the effect of straight-line rent
and other non-cash adjustments required by GAAP. Hudson Pacific
believes NOI on a cash basis is helpful to investors as an
additional measure of operating performance because it eliminates
straight-line rent and other non-cash adjustments to revenue and
expenses.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221102006000/en/
Investor Contact Laura Campbell Executive Vice President,
Investor Relations & Marketing (310) 622-1702
lcampbell@hudsonppi.com
Media Contact Laura Murray Senior Director,
Communications (310) 622-1781 lmurray@hudsonppi.com
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