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Hudson Pacific Properties, Inc. Announces Pricing of Initial Public Offering

^{Published on 2010-06-23 15:51:28 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--Hudson Pacific Properties, Inc. (the aCompanya) (NYSE:HPP) today announced the pricing of its initial public offering of 12,800,000 shares of common stock at $17.00 per share. The shares are expected to begin trading on June 24, 2010, on the New York Stock Exchange under the symbol aHPP.a The offering is expected to close on June 29, 2010, subject to the completion of customary closing conditions. The underwriters have been granted a 30-day option to purchase up to an additional 1,920,000 shares at the initial public offering price, less the underwriting discounts and commissions, to cover overallotments, if any. All shares are being offered by the Company.

In addition, concurrently with the completion of the initial public offering, the Company will complete a private placement of $20.0 million of common stock to Victor J. Coleman, the Companya™s Chairman and Chief Executive Officer, and certain investment funds affiliated with Farallon Capital Management, L.L.C. at the initial public offering price.

The Company will contribute the net proceeds of the offering and concurrent private placement to its operating partnership. The net proceeds of the initial public offering and concurrent private placement are estimated to be approximately $210.5 million after deducting underwriting discounts, commissions and estimated offering expenses, prior to any exercise of the underwritersa™ overallotment option. The Company intends to use the proceeds to repay debt, fund acquisitions and for general corporate and working capital purposes.

BofA Merrill Lynch, Barclays Capital and Morgan Stanley are the joint book-running managers for the offering. The co-managers of the offering are Wells Fargo Securities, BMO Capital Markets and KeyBanc Capital Markets.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. A copy of the final prospectus related to the offering will be filed with the Securities and Exchange Commission and can be obtained, when available, by contacting BofA Merrill Lynch, Attention: Prospectus Department, 4 World Financial Center, New York, New York 10080, or by email at [ prospectus.requests@ml.com ]; Barclays Capital, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling 1-888-603-5847, or by email at [ barclaysprospectus@broadridge.com ]; or Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014, or by email at [ prospectus@morganstanley.com ].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered shares, nor shall there be any sale of such shares in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. This offering is being made solely by means of a prospectus. The shares issued in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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. The Companya™s investment strategy is focused on high barrier-to-entry, in-fill locations with favorable, long-term supply-demand characteristics. These markets include Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and the East Bay. Upon the consummation of this offering and the formation transactions, the Companya™s portfolio will include eight properties totaling approximately 2.0 million square feet, strategically located in many of the Companya™s target markets. The Company intends to elect to be taxed and to operate in a manner that will allow it to qualify as a real estate investment trust, or REIT, for federal income tax purposes, commencing with the taxable year ending December 31, 2010.

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 amay,a awill,a ashould,a aexpects,a aintends,a aplans,a aanticipates,a abelieves,a aestimates,a apredicts,a or apotentiala or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which 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 Companya™s control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Companya™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 Companya™s future results to differ materially from any forward-looking statements, see the section entitled aRisk Factorsa in the Companya™s final prospectus relating to this offering, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.