Hudson Pacific investor update: leasing metrics improving, studio strike introduces near-term uncertainty

Hudson Pacific Properties, Inc.

Portfolio 85% leased; San Francisco 93.9% (+1,296 bps vs market), Los Angeles 99.3% (+1,719 bps).
Leasing momentum: net effective rent +6% YoY, tour activity highest since 2Q18, gross rent $43.42/sq ft.
Studio: WGA strike began 5/2; 44% revenue under multi-year agreements; 80% fixed costs; est. integrated NOI $207M.
Balance sheet: $801M liquidity; 40-50% dividend cut saves $58-72M/year; exploring sale of 6 assets.
Debt maturities: $668M cash/revolver; 86% fixed/capped; 4 yr avg maturity; covenant compliance maintained.

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