Hudson Pacific Properties, Inc. (NYSE: HPP) (the
"Company," "Hudson Pacific," or "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 first
quarter 2023.
"Our focus at Hudson Pacific remains on effectively managing the
aspects of the company we can control in these unprecedented
times,” said Victor Coleman, Chairman & CEO. "Even as more
companies mandate in-office work and our leasing pipeline and tours
at our assets are increasing, broader macroeconomic challenges
continue to weigh on office fundamentals. We also must now address
and work to minimize the impact of the national writers strike as
it relates to our studio business. Our priorities remain executing
on leasing, prudently allocating capital, reducing corporate
expenses, proactively executing on asset sales, and further
fortifying our balance sheet. We have a path to address all our
maturities through 2025, and we recently received approval to bring
our dividend policy in line with other capital preservation efforts
as we move forward."
Financial Results Compared to First Quarter 2022
- Total revenue of $252.3 million up 3.2% compared to $244.5
million, primarily due to the acquisition of Quixote in the third
quarter 2022
- Net loss attributable to common stockholders of $20.4 million,
or $0.14 per diluted share, compared to net loss of $19.8 million,
or $0.13 per diluted share, largely the result of higher interest
expense on debt associated with the Quixote acquisition
- FFO, excluding specified items, of $49.7 million, or $0.35 per
diluted share, compared to $75.2 million, or $0.50 per diluted
share, primarily due to lower production activity impacting Quixote
and, to a lesser extent, higher interest expense and lower office
tenancy. Specified items consist of transaction-related expenses of
$1.2 million, or $0.01 per diluted share, compared to prior year
specified items of transaction-related expenses of $0.3 million, or
$0.00 per diluted share, and a trade name non-cash impairment of
$8.5 million, or $0.06 per diluted share
- FFO of $48.5 million, or $0.34 per diluted share, compared to
$66.4 million, or $0.44 per diluted share
- AFFO of $35.0 million, or $0.24 per diluted share, compared to
$58.8 million, or $0.39 per diluted share, largely due to
aforementioned items affecting FFO
- Same-store cash NOI of $125.6 million up 7.2% compared to
$117.2 million, mostly attributable to significant office lease
commencements at Harlow and 1918 Eighth, as well as higher
production-related revenue and lower operating expenses at Sunset
Gower and Sunset Bronson Studios
Leasing
- Executed 75 new and renewal leases totaling 344,069 square
feet, with an average lease size of 4,300 square feet and over 80%
of that activity in the San Francisco Bay Area
- GAAP and cash rents decreased 2.8% and 4.9%, respectively, from
prior levels, with the decline largely driven by a
20,000-square-foot short-term renewal
- In-service office portfolio ended the quarter at 86.9% occupied
and 88.7% leased, with decreases for both primarily attributable to
small- to mid-sized expirations in the Peninsula and Silicon
Valley
- On average over the trailing 12 months, the in-service studio
portfolio was 86.3% leased, and the related 35 stages were 96.5%
leased
Development
- Subsequent to the quarter, cash rents commenced May 1, 2023 on
Google's full-building lease at One Westside office redevelopment,
contributing $43.2 million of NOI annually
Dispositions
- Sold Skyway Landing office property in Redwood Shores,
California for $102.0 million before closing adjustments
Balance Sheet as of March 31, 2023
- $828.3 million of total liquidity comprised of $163.3 million
of unrestricted cash and cash equivalents and $665.0 million of
undrawn capacity under the Company's unsecured revolving credit
facility
- $93.4 million and $45.5 million of undrawn capacity under
construction loans secured by One Westside/Westside Two and Sunset
Glenoaks Studios, respectively
- The Company's share of net debt to the Company's share of
undepreciated book value stood at 38.2% with no material maturities
until the loan secured by One Westside, which is 100% leased to
Google through 2036, matures in December 2024
- Investment grade credit rated, 66.2% of debt unsecured, and
90.3% fixed and capped rate debt
- Repaid $110.0 million of Series A notes, and applied $102.0
million of Skyway Landing sale proceeds to repay amounts
outstanding on the Company's unsecured revolving credit
facility
- Entered into interest rate swaps on the Company's $172.9
million pro rata share of the 1918 Eighth loan (effective February
2023) and on its $351.2 million net pro rata share of the Hollywood
Media Portfolio loan (effective August 2023)
- Subsequent to the quarter, on April 18, 2023, repaid the
Quixote loan for $150.0 million, a $10.0 million discount on the
principal balance with funds from the Company's unsecured revolving
credit facility
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
- Subsequent to quarter, the Company’s Board of Directors
approved a 40% to 50% reduction in the common stock dividend, with
the exact amount to be determined later this month
ESG Leadership
- Named an ENERGY STAR Partner of the Year for Sustained
Excellence for the fifth consecutive year
Subsequent Event - Writers Strike
Effective May 2, 2023, after failing to reach an agreement with
the Alliance of Motion Picture and Television Producers, the
Writers Guild of America (WGA) elected to strike, derailing the
production cycle of hundreds of domestically produced film and
television shows. Contrary to previous strikes which have
historically seen unusually high production activity in the months
leading up to a potential strike, independently operated studios
and related services such as the Company's experienced a
significant slowdown in production activity as new scripted content
was pre-emptively halted. That slowdown impacted the Company's
first quarter operating results, particularly with respect to
March. While the potential duration of the current strike remains
unknown, there have been seven WGA strikes dating back to the early
1950's the length of which have ranged from 2 to 22 weeks, the last
of which in 2007 to 2008 lasted approximately 14 weeks.
Updated 2023 Outlook
As noted last quarter, the Company's 2023 full-year FFO outlook
excluded the impact of a disruption in studio operations in the
event related union negotiations led to a strike and halt in
production. Due to the uncertainty around the duration of a strike,
the Company will continue to provide certain assumptions relevant
to its full year 2023 office outlook, but will no longer provide an
outlook for 2023 full-year FFO or studio-related assumptions.
Current assumptions 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 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 these estimates.
Unaudited, in thousands, except share
data
Full Year 2023
Assumptions
Metric
Low
High
Growth in office same-store cash
NOI(1)(2)
1.00%
2.00%
GAAP non-cash revenue (straight-line rent
and above/below-market rents)(3)
$18,000
$28,000
GAAP non-cash expense (straight-line rent
expense and above/below-market ground rent)
$(7,100)
$(9,100)
General and administrative expenses(4)
$(70,000)
$(76,000)
Interest expense(5)
$(204,000)
$(214,000)
Non-real estate depreciation and
amortization
$(34,000)
$(36,000)
FFO from unconsolidated joint ventures
$500
$2,500
FFO attributable to non-controlling
interests
$(43,500)
$(47,500)
FFO attributable to preferred
units/shares
$(21,000)
$(21,000)
Weighted average common stock/units
outstanding—diluted(6)
143,000,000
144,000,000
(1)
Same-store office for the full year 2023
is defined as the 43 office properties owned and included in the
Company's stabilized portfolio as of January 1, 2022, and
anticipated to still be owned and included in the stabilized
portfolio through December 31, 2023.
(2)
Please see non-GAAP information below for
definition of cash NOI.
(3)
Includes non-cash straight-line rent
associated with the office properties.
(4)
Includes non-cash compensation expense,
which the Company estimates at $22,000 in 2023.
(5)
Includes non-cash interest expense, which
the Company estimates at $12,000 in 2023.
(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 2023 includes an
estimate for the dilution impact of stock grants to the Company's
executives under its 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, 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
first quarter 2023 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 first quarter
2023 financial results at 9:00 a.m. PT / 12:00 p.m. ET on May 9,
2023. Please dial (833) 470-1428 and enter passcode 927408 to
access the call. International callers should dial (929) 526-1599
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
In thousands, except share data
March 31, 2023
December 31, 2022
(Unaudited)
ASSETS
Investment in real estate, at cost
$
8,790,335
$
8,716,572
Accumulated depreciation and
amortization
(1,619,164
)
(1,541,271
)
Investment in real estate, net
7,171,171
7,175,301
Non-real estate property, plant and
equipment, net
124,465
130,289
Cash and cash equivalents
163,327
255,761
Restricted cash
19,571
29,970
Accounts receivable, net
15,176
16,820
Straight-line rent receivables, net
290,650
279,910
Deferred leasing costs and intangible
assets, net
382,173
393,842
Operating lease right-of-use assets
399,063
401,051
Prepaid expenses and other assets, net
100,783
98,837
Investment in unconsolidated real estate
entities
194,163
180,572
Goodwill
263,549
263,549
Assets associated with real estate held
for sale
—
93,238
TOTAL ASSETS
$
9,124,091
$
9,319,140
LIABILITIES AND EQUITY
Liabilities
Unsecured and secured debt, net
$
4,433,546
$
4,585,862
Joint venture partner debt
66,136
66,136
Accounts payable, accrued liabilities and
other
271,931
264,098
Operating lease liabilities
399,081
399,801
Intangible liabilities, net
32,443
34,091
Security deposits, prepaid rent and
other
91,355
83,797
Liabilities associated with real estate
held for sale
—
665
Total liabilities
5,294,492
5,434,450
Redeemable preferred units of the
operating partnership
9,815
9,815
Redeemable non-controlling interest in
consolidated real estate entities
120,902
125,044
Equity
HPP stockholders' equity:
4.750% Series C cumulative redeemable
preferred stock, $0.01 par value, $25.00 per share liquidation
preference, 18,400,000 authorized; 17,000,000 shares outstanding at
March 31, 2023 and December 31, 2022
425,000
425,000
Common stock, $0.01 par value, 481,600,000
authorized, 140,888,769 shares and 141,054,478 shares outstanding
at March 31, 2023 and December 31, 2022, respectively
1,403
1,409
Additional paid-in capital
2,835,061
2,889,967
Accumulated other comprehensive loss
(8,147
)
(11,272
)
Total HPP stockholders' equity
3,253,317
3,305,104
Non-controlling interest—members in
consolidated real estate entities
375,960
377,756
Non-controlling interest—units in the
operating partnership
69,605
66,971
Total equity
3,698,882
3,749,831
TOTAL LIABILITIES AND EQUITY
$
9,124,091
$
9,319,140
Consolidated Statements of
Operations
Unaudited, in thousands, except share
data
Three Months Ended March
31,
2023
2022
REVENUES
Office
Rental revenues
$
202,657
$
206,192
Service and other revenues
3,976
5,208
Total office revenues
206,633
211,400
Studio
Rental revenues
16,253
13,394
Service and other revenues
29,377
19,719
Total studio revenues
45,630
33,113
Total revenues
252,263
244,513
OPERATING EXPENSES
Office operating expenses
74,054
73,631
Studio operating expenses
37,244
18,983
General and administrative
18,724
20,512
Depreciation and amortization
97,139
92,193
Total operating expenses
227,161
205,319
OTHER INCOME (EXPENSES)
(Loss) income from unconsolidated real
estate entities
(745
)
303
Fee income
2,402
1,071
Interest expense
(53,807
)
(30,836
)
Interest income
371
910
Management services reimbursement
income—unconsolidated real estate entities
1,064
1,108
Management services expense—unconsolidated
real estate entities
(1,064
)
(1,108
)
Transaction-related expenses
(1,186
)
(256
)
Unrealized gain on non-real estate
investments
839
1,650
Gain on sale of real estate
7,046
—
Impairment loss
—
(20,503
)
Other income
5,161
852
Total other expenses
(39,919
)
(46,809
)
Net loss
(14,817
)
(7,615
)
Net income attributable to Series A
preferred units
(153
)
(153
)
Net income attributable to Series C
preferred shares
(5,047
)
(5,290
)
Net income attributable to participating
securities
(553
)
(294
)
Net income attributable to non-controlling
interest in consolidated real estate entities
(1,031
)
(8,561
)
Net loss attributable to redeemable
non-controlling interest in consolidated real estate entities
894
1,890
Net loss attributable to common units in
the operating partnership
282
230
NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS
$
(20,425
)
$
(19,793
)
BASIC AND DILUTED PER SHARE
AMOUNTS
Net loss attributable to common
stockholders—basic
$
(0.14
)
$
(0.13
)
Net loss attributable to common
stockholders—diluted
$
(0.14
)
$
(0.13
)
Weighted average shares of common stock
outstanding—basic
141,025,021
149,187,994
Weighted average shares of common stock
outstanding—diluted
141,025,021
149,187,994
Funds from Operations(1)
Unaudited, in thousands, except per share
data
Three Months Ended March
31,
2023
2022
Net loss
$
(14,817
)
$
(7,615
)
Adjustments:
Depreciation and
amortization—consolidated
97,139
92,193
Depreciation and amortization—non-real
estate assets
(8,392
)
(4,432
)
Depreciation and amortization—HPP's share
from unconsolidated real estate entities(2)
1,263
1,369
Gain on sale of real estate
(7,046
)
—
Impairment loss—real estate assets
—
12,003
Unrealized gain on non-real estate
investments
(839
)
(1,650
)
FFO attributable to non-controlling
interests
(13,637
)
(20,004
)
FFO attributable to preferred shares and
units
(5,200
)
(5,443
)
FFO to common stock/unit
holders
48,471
66,421
Specified items impacting FFO:
Transaction-related expenses
1,186
256
Impairment loss—trade name
—
8,500
FFO (excluding specified items) to
common stock/unit holders
$
49,657
$
75,177
Weighted average common stock/units
outstanding—diluted
143,329
151,426
FFO per common stock/unit—diluted
$
0.34
$
0.44
FFO (excluding specified items) per common
stock/unit—diluted
$
0.35
$
0.50
(1)
We calculate Funds from Operations ("FFO")
in accordance with the White Paper on FFO approved by the Board of
Governors of the National Association of Real Estate Investment
Trusts. 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 the HPP’s
share of real estate-related depreciation and amortization,
excluding amortization of deferred financing costs and depreciation
of non-real estate assets. The calculation of FFO includes the
HPP’s share of amortization of deferred revenue related to
tenant-funded tenant improvements and excludes the depreciation of
the related tenant improvement assets.
FFO is a non-GAAP financial measure we
believe is a useful supplemental measure of our 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 our 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, our 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, we believe that FFO along with the required
GAAP presentations provides a more complete measurement of our
performance relative to our 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. We use FFO per share to calculate annual cash
bonuses for certain employees.
However, FFO should not be viewed as an
alternative measure of our 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 our properties, which are significant
economic costs and could materially impact our results from
operations.
(2)
HPP's share is a Non-GAAP financial
measure calculated as the measure on a consolidated basis, in
accordance with GAAP, plus our Operating Partnership’s share of the
measure from our unconsolidated joint ventures (calculated based
upon the Operating Partnership’s percentage ownership interest),
minus our partners’ share of the measure from our consolidated
joint ventures (calculated based upon the partners’ percentage
ownership interests). We believe that presenting HPP’s share of
these measures provides useful information to investors regarding
the Company’s financial condition and/or results of operations
because we have several significant joint ventures, and in some
cases, we exercise significant influence over, but do not control,
the joint venture. In such instances, GAAP requires us to account
for the joint venture entity using the equity method of accounting,
which we do not consolidate for financial reporting purposes. In
other cases, GAAP requires us to consolidate the venture even
though our partner(s) own(s) a significant percentage interest.
Adjusted Funds from
Operations(1)
Unaudited, in thousands, except per share
data
Three Months Ended March
31,
2023
2022
FFO (excluding specified items)
$
49,657
$
75,177
Adjustments:
GAAP non-cash revenue (straight-line rent
and above/below-market rents)
(9,136
)
(11,990
)
GAAP non-cash expense (straight-line rent
expense and above/below-market ground rent)
1,823
966
Non-real estate depreciation and
amortization
8,392
4,432
Non-cash interest expense
4,676
2,403
Non-cash compensation expense
5,156
5,329
Recurring capital expenditures, tenant
improvements and lease commissions
(25,525
)
(17,499
)
AFFO
$
35,043
$
58,818
(1)
Adjusted Funds from Operations ("AFFO") is
a non-GAAP financial measure we believe is a useful supplemental
measure of our performance. We compute AFFO by adding to FFO
(excluding specified items) HPP's share of non-cash compensation
expense and amortization of deferred financing costs, and
subtracting recurring capital expenditures related to HPP's share
of tenant improvements and leasing commissions (excluding
pre-existing obligations on contributed or acquired properties
funded with amounts received in settlement of prorations), and
eliminating the net effect of HPP’s share of straight-line rents,
amortization of lease buy-out costs, amortization of above-and
below-market lease intangible assets and liabilities, amortization
of above-and below-market ground lease intangible assets and
liabilities and amortization of loan discounts/premiums. AFFO is
not intended to represent cash flow for the period. We believe that
AFFO provides useful information to the investment community about
our financial position as compared to other REITs since AFFO is a
widely reported measure used by other REITs. However, other REITs
may use different methodologies for calculating AFFO and,
accordingly, our AFFO may not be comparable to other REITs.
Net Operating Income(1)
Unaudited, in thousands
Three Months Ended March
31,
2023
2022
Net loss
$
(14,817
)
$
(7,615
)
Adjustments:
Loss (income) from unconsolidated real
estate entities
745
(303
)
Fee income
(2,402
)
(1,071
)
Interest expense
53,807
30,836
Interest income
(371
)
(910
)
Management services reimbursement
income—unconsolidated real estate entities
(1,064
)
(1,108
)
Management services expense—unconsolidated
real estate entities
1,064
1,108
Transaction-related expenses
1,186
256
Unrealized gain on non-real estate
investments
(839
)
(1,650
)
Gain on sale of real estate
(7,046
)
—
Impairment loss
—
20,503
Other income
(5,161
)
(852
)
General and administrative
18,724
20,512
Depreciation and amortization
97,139
92,193
NOI
$
140,965
$
151,899
NOI Detail
Same-store office cash revenues
182,542
172,146
Straight-line rent
10,148
15,311
Amortization of above/below-market leases,
net
1,591
2,680
Amortization of lease incentive costs
(282
)
(400
)
Same-store office revenues
193,999
189,737
Same-store studios cash revenues
21,904
19,807
Straight-line rent
494
590
Amortization of lease incentive costs
(9
)
(9
)
Same-store studio revenues
22,389
20,388
Same-store revenues
216,388
210,125
Same-store office cash expenses
66,971
63,265
Straight-line rent
414
405
Non-cash portion of interest expense
35
24
Amortization of above/below-market ground
leases, net
676
669
Same-store office expenses
68,096
64,363
Same-store studio cash expenses
11,920
11,532
Non-cash portion of interest expense
111
68
Same-store studio expenses
12,031
11,600
Same-store expenses
80,127
75,963
Same-store NOI
136,261
134,162
Non-same-store NOI
4,704
17,737
NOI
$
140,965
$
151,899
(1)
We evaluate performance based upon
property Net Operating Income ("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 our performance, or as an
alternative to cash flows as a measure of liquidity, or our ability
to make distributions. All companies may not calculate NOI in the
same manner. We consider 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 our 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. We calculate 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. We define NOI as operating revenues
(rental revenues, other property-related revenue, tenant recoveries
and other operating revenues), less property-level operating
expenses (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. We believe that 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230508005581/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
Hudson Pacific Properties (NYSE:HPP)
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Hudson Pacific Properties (NYSE:HPP)
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