Hudson Pacific Properties, Inc. (“Hudson” or the “Company”) (NYSE:
HPP) today announced it has completed the sale of its First
Financial office property in Encino, California to Douglas Emmett, Inc.
for $89.0 million, resulting in net proceeds to the Company of
approximately $46.0 million (before certain credits, prorations and
closing costs) after repayment of a $43.0 million loan secured by the
property.
Hudson intends to use net proceeds from the disposition pursuant to a
like-kind exchange under the Internal Revenue Code Section 1031 to
purchase the Equity Office Properties’ San Francisco Peninsula and
Silicon Valley portfolio from Blackstone Real Estate Partners V and VI.
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.
Copyright Business Wire 2015