Hudson Pacific Properties, Inc. (“Hudson” or the “Company”) (NYSE:
HPP) announced that, at a special meeting held earlier today, its
stockholders approved the issuance of an aggregate amount of 63,474,791
shares of Hudson common stock and common units of limited partnership
interest in Hudson Pacific Properties, L.P., a Maryland subsidiary of
Hudson (the “Operating Partnership”), to certain affiliates of The
Blackstone Group L.P. in connection with the proposed acquisition by
Hudson and the Operating Partnership of a portfolio of 26 office
buildings and two land parcels located in the San Francisco Peninsula
and Silicon Valley (the “EOP Northern California Portfolio”).
Hudson agreed to acquire the EOP Northern California Portfolio pursuant
to a definitive purchase agreement dated as of December 6, 2014. The
transaction is expected to close by the end of first quarter, subject to
satisfaction of all remaining closing conditions. In addition to the
common shares and common units mentioned above, Hudson intends to fund
the acquisition with $1.75 billion of cash, consisting of net proceeds
from the Company’s 1455 Market Street joint venture transaction, pending
First Financial disposition, recent equity offering (after repayment of
the Company’s revolving credit facility) and approximately $1.3 billion
of secured and/or unsecured indebtedness.
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 Northern
and Southern California and the Pacific Northwest. The Company’s
portfolio currently consists of approximately 6.8 million square feet,
not including undeveloped land that can support approximately another
1.4 million square feet. Hudson has elected to be taxed as a real estate
investment trust, or REIT, for federal income tax purposes, and 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,
2014 filed with the Securities and Exchange Commission, or SEC, on March
2, 2015, and other risks described in documents subsequently filed by
the Company from time to time with the SEC.
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