Hudson Pacific Properties, Inc. · NYSE:HPP
Hudson Pacific Properties — Corporate Update (September 2020)
14 slides from Hudson Pacific Properties's corporate update, Sep 15, 2020
Slide 1: COVID-19 Update
COVID-19 UPDATE September 15, 2020 REIMAGINING NOW. TO CREATE WHAT’S NEXT. This document is not an offer to sell or solicitation of an offer to buy any securities. Any offers to sell or solicitations to buy securities shall be made by means of a prospectus approved for that purpose.
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Future events and actual results, financial and otherwise, may differ m
Slide 3: High-Quality Office & Studio Tenants Remain Resilient
High-Quality Office & Studio Tenants Remain Resilient Collections from both office and studio tenants trending higher in 3Q 2020 Storefront and amenity retail continues to struggle 2Q20 Rent Collection by Type % of ABR (As of 9/10/20) Total Office Studio Retail Collected 94% 96% 94% 44% Deferred 3%
Slide 4: Co-Working & Small Tenants Drive Uncollected Rents
Co-Working & Small Tenants (<6K SF) Drive Uncollected Rents April – August Rent Collections by Size (As of 9/10/20) 6 15 Largest Tenants (Avg. 380K SF) % of ABR 40% of April – August rents 22% of uncollected 0% of uncollected, adjusted for co-working 50 Largest Tenants (Avg. 160K SF) 60% of April –
Slide 5: Reintegration Strategy In Place & Working
Reintegration Strategy In Place & Working Focusing on innovation—what’s next Regulatory Compliance Communications 6 Regulatory Compliance % of ABR + Daily monitoring of local, state, national authorities + Clear, consistent signage across portfolio + Daily monitoring of local, state, national author
Slide 6: Office & Studio Tenant Repopulation Underway
Office & Studio Tenant Repopulation Underway Office tenants taking varied approaches, but returning to the office Studio tenants resuming production—expect 100% physical occupancy by year6 end % of ABR Office Physical Occupancy by Market Studio Stages in Production + Los Angeles ~5-10% + 21 of 36 st
Slide 7: Financial Position Further Fortified Through Blackstone JV
Financial Position Further Fortified Through Blackstone JV Liquidity, key debt metrics improved, while maintaining a predominantly unsecured / fixed-rate debt strategy 6 % of ABR 2Q 2020 September 2020 Net Debt / Market Capitalization(1) 43.3% 35.0% Net Debt + Preferred(1) / Adjusted EBITDAre(1) (An
Slide 8: Definitions
Definitions ADJUSTED EBITDAre Adjusted EBITDAre represents net income (loss) before interest, income taxes, depreciation and amortization, and before our share interest and depreciation from the unconsolidated real estate entity and further adjusted to eliminate the impact of certain non-cash items
Slide 9: Definitions (cont.)
Definitions (cont.) CONSOLIDATED DEBT Equal to the sum of (i) Unsecured and Secured Debt and (ii) series A preferred units. CONSOLIDATED MARKET CAPITALIZATION Equal to the sum of (i) Unsecured and Secured Debt, (ii) series A preferred units and (iii) common equity capitalization. Common equity capit
Slide 10: Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre (Annualized)
Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre(1) (Annualized) Unaudited, in thousands Three Months Ended 6 Quarter To Date June 30, 2020 % of ABR Net income (loss) $ 7,011 Interest income—Consolidated (1,048) Interest expense—Consolidated 27,930 Depreciation and amortization—Consolid
Slide 11: Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre (cont.)
Reconciliation of Consolidated Debt, Net to Adjusted EBITDAre(1) (Annualized) (cont.) Unaudited, in thousands 6 Three Months Ended % of ABR June 30, 2020 Actual Proforma Total Consolidated unsecured and secured debt(1) $ 2,998,350 $ 3,046,579 Less: Consolidated cash and cash equivalents (45,052) (35
Slide 12: Reconciliation of Consolidated Unsecured and Secured Debt Proforma
Reconciliation of Consolidated Unsecured and Secured Debt Proforma Unaudited, in thousands Total Consolidated unsecured and secured debt as of June 30, 2020 (1) $ 2,998,350 6 Less repayment of: % of ABR Unsecured revolving credit facility (200,000) Unsecured Term loan B (350,000) Unsecured Term loan
Slide 13: Reconciliation of Company's Share of Debt, Net / Market Capitalization
Reconciliation of Company's Share of Debt, Net / Company's Share of Market Capitalization Unaudited, in thousands Aggregate Principal 6 Amount or $% of ABR Shares / Units Equivalent Total Consolidated unsecured and secured debt Proforma(1) $ 3,046,579 Add: Series A preferred units 392,598 9,815 Add:
Slide 14: Contact: Laura Campbell, Investor Relations
Contact: Laura Campbell SVP, Investor Relations & Marketing (310) 622-1702 lcampbell@hudsonppi.com
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