Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today
announced that Howard S. Stern has resigned as the Company’s President
and member of the Company’s Board of Directors, effective January 16,
2014. Mr. Stern and the Company have entered into a consulting agreement
pursuant to which Mr. Stern will continue to provide consulting services
with respect to the Company’s media and entertainment properties.
Mr. Stern co-founded the Company’s predecessor seven years ago and was
part of the team that successfully took the Company public in 2010.
Since then, he has served as President and a member of the Company’s
Board of Directors. During this time, Mr. Stern has been instrumental in
the growth and success of the Company, which now has a presence in the
Pacific Northwest as well as Northern and Southern California.
Victor Coleman, the Company’s Chief Executive Officer and Chairman, and
the Company’s Board of Directors thanked Mr. Stern for his contributions
over the years.
“Our friend and colleague Howard Stern has informed me and the Board
that he will be stepping down as President to pursue new opportunities,”
said Victor J. Coleman. “Howard and I have known each other for over 30
years and have been partners for the last seven years, over which time
we’ve built an organization with great people and a bright future.
Thanks to all those efforts, we expect this transition will be seamless.
Howard will continue to be a member of our corporate family, maintaining
a presence at our Sunset Gower property and making himself available for
advice and counsel. We thank him for all he has done and wish him every
success in the future.”
About Hudson Pacific Properties
Hudson Pacific Properties, Inc. is a full-service, vertically integrated
real estate company focused on owning, operating and acquiring
high-quality office properties and state-of-the-art media and
entertainment properties in select growth markets primarily in the
Pacific Northwest and Northern and Southern California. The Company’s
strategic investment program targets high barrier-to-entry, in-fill
locations with favorable, long-term supply-demand characteristics in
select target markets, including Los Angeles, Orange County, San Diego,
San Francisco and Seattle. The Company’s portfolio currently consists of
approximately 6.2 million square feet, not including undeveloped land
that the Company believes can support an additional 1.6 million square
feet. The Company has elected to be taxed as a real estate investment
trust, or REIT, for federal income tax purposes. Hudson Pacific
Properties is a component of the Russell 2000® and the Russell 3000®
indices. For additional information, please visit www.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 that
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 for the year ended December 31,
2012 filed with the Securities and Exchange Commission on March 14,
2013, and other risks described in documents subsequently filed by the
Company from time to time with the Securities and Exchange Commission.
Copyright Business Wire 2014