Business & Finance
Business and Finance
Business and Finance
Thu, March 10, 2011 Hudson Pacific Properties, Inc. Declares Increased First Quarter 2011 Dividend of $0.125 per Common Share
LOS ANGELES--([ BUSINESS WIRE ])--Hudson Pacific Properties, Inc. (the aCompanya) (NYSE: HPP) today announced that the Companya™s Board of Directors has declared a quarterly dividend on its common stock of $0.125 per share for the first quarter of 2011.The new quarterly rate represents a 31.6% increase from the prior quarter. The dividend will be paid on March 31, 2011 to stockholders of record on March 21, 2011.
"We are pleased to announce this increase to our quarterly dividend"
aWe are pleased to announce this increase to our quarterly dividend,a said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. aOur performance and acquisition activity continue to meet our expectations since the IPO. The dividend increase reflects our confidence in the quality of our earnings growth and our strategy to create value for our shareholders.a
The Board of Directors also declared a dividend for the first quarter of 2011 on its 8.375% Series B Cumulative Preferred Stock of $0.52344 per share. The dividend will be paid on March 31, 2011 to stockholders of record on March 21, 2011.
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 strategic investment program targets high barrier-to-entry, in-fill locations with favorable, long-term supply-demand characteristics in select target markets including Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and the East Bay. Its wholly owned portfolio includes 12 properties totaling approximately 3.4 million square feet, strategically located in many of the Companya™s target markets. Upon completion of the Rincon Center acquisition the Companya™s portfolio will consist of 13 properties totaling approximately 4 million square feet. 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 ended December 31, 2010. Hudson Pacific Properties is a component of the Russell 2000® and the Russell 3000® indices.For additional information, visit[ www.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 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 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 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 dated June 23, 2010, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
