Hudson Pacific Properties, Inc. · NYSE:HPP
Hudson Pacific Properties — Corporate Update (August 2023)
15 slides from Hudson Pacific Properties's corporate update, August 2023
Slide 1: Sunset Pier 94 Purpose-Built Studio Development
Sunset Pier 94 Purpose-Built Studio Development August 2023
Slide 2: Off-market joint venture to own, develop and manage Sunset Pier 94 Studios
Off-market joint venture to own, develop and manage Sunset Pier 94 Studios, delivering Manhattan’s first purpose-built studio and expanding Sunset Studios’ brand and operating platform into another key global media market Purpose-Built Construction Ready Partner Expertise Total Sq Ft: 232,0001 Est.
Slide 3: New York: A Global Epicenter for Content Creation
New York: A Global Epicenter for Content Creation New York is second only to Los Angeles in productions and related jobs and wages with the highest concentration of behind camera talent residing in Manhattan Sample NYC Recent Filming 57K+ Jobs Supported Annually by NY State’s Film Tax Credits #2 in
Slide 4: NY Film Tax Credit to Increase Draw for Productions
NY Film Tax Credit to Increase Draw for Productions Tax credits are a key determinant of production location—New York’s program has been in place since 2004 and was expanded and extended in May 2023 Previous1 Current1 70% Tax Credit on Total Spend 25% 30% Increase in State Tax Incentive Package2 Pro
Slide 5: Lack of Comparable Stage Supply for Local Production
Lack of Comparable Stage Supply for Local Production Sunset Pier 94 will be the first purpose-built studio in Manhattan—optimally designed with 10,000+ sq ft stages adjacent to growing major media companies in Manhattan No Existing Purpose- Built Stages Existing Manhattan Stage Supply Only ~4K Sq Ft
Slide 6: Increased Capture of NY Media Market
Increased Capture of NY Media Market Sunset Pier 94 scales HPP’s existing New York production services business to provide a full-service offering and opportunity to capture a greater share of local production spend Global Studio & Production Services Footprint1 New York New York London Atlanta Stag
Slide 7: Building Upon Existing HPP/BX Studio Partnership
Building Upon Existing HPP/BX Studio Partnership Hudson Pacific Blackstone Vornado + Expert studio investor, + Existing studio joint + Existing lessee on Pier developer, operator venture partner 94 ground lease + Strategic industry & + Strategic & industry + Local sharpshooter with client relationsh
Slide 8: Small Capital Requirement with Fee-Enhanced Returns
Small Capital Requirement with Fee-Enhanced Returns For HPP, Sunset Pier 94 represents a minimal capital outlay with strong asset-level returns further enhanced through development and management fees Sunset Pier 94 Project-Level & HPP’s Share Returns Est. Project Costs (Unlevered)1 $316.0M Est. Sta
Slide 9: Optimized Design, Enhanced Marketability
Optimized Design, Enhanced Marketability HPP leveraged its studio expertise to design a premier facility that addresses content creators’ needs and preferences including streamlined production and sustainability Design Highlights Sustainability Highlights + 6 highly flexible sound stages with 36 ft
Slide 10: Site Plan
Site Plan STAGE 1 21K Sq Ft PRODUCTION OFFICE STAGE 6 14K Sq Ft STAGE 3 STAGE 2 10K Sq Ft 10K Sq Ft STAGE 4 18K Sq Ft STAGE 5 12K Sq Ft PIER 92 (Not Included) Stages Community Amenity Office Turn Around Service/Flex Space Production Support Service/Back of House Building Entrance Mill 10 Note: Plan
Slide 11: Exterior Renderings
Exterior Renderings 11 Note: Images are renderings and actual appearance may vary.
Slide 12: Interior Renderings
Interior Renderings 12 Note: Images are renderings and actual appearance may vary.
Slide 13: Appendix – Definitions
Appendix – Definitions Estimated Project Costs: Estimated project costs exclude interest costs capitalized in accordance with ASC 835-20-50-1, personnel costs capitalized in accordance with ASC 970- 360-25 and operating expenses capitalized in accordance with ASC 970-340. Estimated Stabilized Yield:
Slide 14: Disclaimer
Disclaimer Hudson Pacific Properties, Inc. is referred to herein as the “Company,” “Hudson Pacific,” “HPP,” “we,” “us,” or “our.” This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Slide 15: HudsonPacificProperties.com
HudsonPacificProperties.com
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