Hudson Pacific Properties, Inc. (the “Company”) (NYSE: HPP) today
announced it has commenced an underwritten public offering of 8,250,000
shares of common stock pursuant to an effective shelf registration
statement previously filed with the Securities and Exchange Commission.
The Company intends to grant the underwriters a 30-day option to
purchase up to an additional 1,237,500 shares at the public offering
price, less the underwriting discount.
The Company intends to contribute the net proceeds from this offering to
its operating partnership, which will use the net proceeds to fund the
recently announced acquisition of Merrill Place, development and
redevelopment activities, potential acquisition opportunities and/or for
general corporate purposes. Pending these applications, the Company’s
operating partnership intends to use the net proceeds from this offering
to temporarily repay indebtedness outstanding from time to time under
its senior unsecured revolving credit facility.
The joint book-running managers for the offering are Wells Fargo
Securities, BofA Merrill Lynch, Barclays, Morgan Stanley, and KeyBanc
Capital Markets.
A registration statement relating to these securities has been filed
with, and declared effective by, the Securities and Exchange Commission.
This offering is being made pursuant to a prospectus supplement to the
Company’s prospectus, dated July 21, 2011, filed as part of the
Company’s effective shelf registration statement relating to these
securities.
A copy of the preliminary prospectus supplement and accompanying
prospectus relating to these securities can be obtained by contacting
Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park
Avenue, New York, New York 10152, or by calling (800) 326-5897 or e-mail
a request to cmclientsupport@wellsfargo.com;
or BofA Merrill Lynch, 4 World Financial Center, New York, New York
10080, Attn: Prospectus Department or email dg.prospectus_requests@baml.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such state or
other jurisdiction.
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.
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.
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