HUDSON PACIFIC PROPERTIES, INC.

(HPP)
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Hudson Pacific Properties Further Expands Seattle Portfolio with Office Acquisition

12/23/2021 | 09:01am EDT

Second immediately accretive, credit-anchored Class A office asset in Denny Triangle submarket acquired since December 2020

Hudson Pacific Properties, Inc. (NYSE: HPP) today announced that it has purchased a leasehold interest in a 197,000-square-foot office building in Seattle for $119 million, or $602 per square foot (before closing costs and prorations). The property’s office component, which comprises approximately 192,000 square feet, is fully leased to Amazon. The remaining term on the ground lease is 50 years.

Known as 5th & Bell, the property is located in Seattle’s Belltown neighborhood, which sits at the intersection of South Lake Union and Denny Triangle. The six-story, LEED Gold-certified property features large floorplates and a modern lobby, as well as numerous onsite amenities, including an expansive outdoor deck, an end-of-trip facility with showers, lockers and bike storage, retail and ample parking.

With the acquisition of 5th & Bell, Hudson Pacific’s Class A portfolio in the thriving Denny Triangle submarket has grown to nearly two million square feet. It includes 1918 Eighth, Hill7, Met Park North, as well as the company’s planned state-of-the-art Washington 1000 development, which will be surrounded by new streetscaping and amenities associated with the Washington State Convention Center addition. In aggregate, Hudson Pacific’s Greater Seattle portfolio now totals nearly three million square feet.

“With the purchase of 5th & Bell and 1918 Eighth, we have nearly doubled our portfolio of premier quality, long-term credit-tenant anchored office assets in the dynamic Denny Triangle submarket—and we have done so through transactions that are immediately accretive to the company,” said Victor Coleman, Chairman and CEO of Hudson Pacific. “Our portfolio uniquely positions us to preserve and create value for our shareholders in Seattle, which remains one of the strongest office markets in the country.”

Hudson Pacific funded the acquisition with a combination of proceeds from the company’s recently closed preferred stock offering and a $75 million draw on its revolving credit facility.

About Hudson Pacific Properties

Hudson Pacific is a real estate investment trust with a portfolio of office and studio properties totaling over 20 million square feet, including land for development. Focused on global epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Google, Netflix, Riot Games, Square, Uber and more. Hudson Pacific is publicly traded on the NYSE under the symbol HPP and listed as a component of the S&P MidCap 400 Index. 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.


ę Business Wire 2021
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Financials (USD)
Sales 2022 964 M - -
Net income 2022 -32,7 M - -
Net Debt 2022 4 072 M - -
P/E ratio 2022 56,0x
Yield 2022 4,83%
Capitalization 2 991 M 2 991 M -
EV / Sales 2022 7,33x
EV / Sales 2023 7,00x
Nbr of Employees 560
Free-Float 97,4%
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Victor J. Coleman Chairman & Chief Executive Officer
Mark T. Lammas President & Treasurer
Harout Krikor Diramerian Chief Financial Officer
Rocky B. Fried Independent Director
Jonathan M. Glaser Independent Director
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