Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________

FORM 8-K

_________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15 (d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 1, 2020

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Hudson Pacific Properties, Inc.

(Exact name of registrant as specified in its charter)



Maryland	001-34789	27-1430478
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)



11601 Wilshire Blvd., Ninth Floor		90025
Los Angeles,	California
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (310) 445-5700

Not Applicable

(Former name or former address, if changed since last report)

_________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	HPP	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On June 1, 2020, Hudson Pacific Properties, Inc. (the “Company”) provided a COVID-19 Update in advance of NAREIT’s REITweek Conference to be held virtually June 2-4, 2020. A copy of this COVID-19 Update is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information being furnished pursuant to Item 7.01 shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.



(d)	Exhibits.



Exhibit No.		Description
99.1**		COVID-19 Update

_____________

** Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




		HUDSON PACIFIC PROPERTIES, INC.
Date:	June 1, 2020	By:	/s/ Mark Lammas
			Mark Lammas President

COVID-19 Update June 1, 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.

COVID-19 Update In response to the evolving COVID-19 pandemic, this presentation provides updates since the Company’s most recent earnings call on May 5, 2020 regarding certain aspects of its business, including rent collections, liquidity, and procedures related to building operations and tenant repopulation. Unless otherwise6 noted, the information herein is as of June 1, 2020, and the Company does not undertake any obligations to provide further updates. % of ABR Continued Strong Rent Collections As of May 28, 2020, the Company had collected approximately 92% of its May 2020 combined contractual rents from office, studio and retail tenants. This includes approximately 94% of rents from both office and studio tenants and 38% of rents from storefront retail tenants. In addition, the Company has now collected 94% (up from 93% as of May 5, 2020) of its April 2020 combined contractual rents, due to an increase in retail rents received from 38% to 43%. As previously noted, the Company has a rent relief program in place for the preponderance of the uncollected rents. % of ABR Ample Liquidity2 and No Significant Maturities Until 2022 The Company has% $1.1 of billion of total liquidity with no maturities until 2022, except for a $65 million loan ABR secured by Met Park North, which as previously noted, it intends to repay with its unsecured revolving credit facility. Following1 repayment of certain amounts on the Company’s unsecured revolving credit facility on May 11, 2020, the Company has $84.7 million of unrestricted cash and cash equivalents; $410.0 million of undrawn capacity on its unsecured revolving credit facility; $230.0 million of excess capacity on a separate revolving credit facility secured by Sunset Bronson, ICON and CUE, accessible at its discretion; and $408.9 million of undrawn capacity on the One Westside construction loan, which the Company believes is more than sufficient to fund the entirety of that project. 2

COVID-19 Update (Cont.) Commenced Safety-Focused Tenant Reintegration Program 6 Last month, the Company launched its “4C’s” approach to tenant % of repopulation, which is being implemented in conjunction with the lifting ABR of stay-at-home orders across its markets. The approach emphasizes proactive Communication, seeks to instill Confidence in tenants with safety-focused cleaning and operating procedures, ensures Convenience with an emphasis on efficient access, and encourages Cooperation by asking all tenants to do their part. The Company has focused on several critical categories to best support tenants, including: messaging and channels (i.e. on-site signage, My % of HPP Office app), enhanced cleaning and supplies, HVAC and ABR infrastructure upgrades, building access and traffic flow, use and hygiene of common2 areas and amenities, management of on-site third parties, and evaluation% of of proptech solutions. In all categories, the Company coordinatedABR with large tenants and local governments, consulted both internal1 and external subject matter specialists, and conducted in-depth trainings for its employees. 3

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 materially from the results discussed in the forward-looking statements. You should not rely on forward-looking statements as predictions of future events. Forward-looking statements6 involve numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly,% of such results may differ materially from those expressed in any forward-looking statement made by us. These risksABR and uncertainties include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic, and restrictions intended to prevent its spread on our business and the economy generally; adverse economic and real estate developments in Northern and Southern California, the Pacific Northwest and Western Canada; decreased rental rates or increased tenant incentives and vacancy rates; defaults on, early terminations of, or non-renewal of leases by tenants; increased interest rates and operating costs; failure to generate sufficient cash flows to service our outstanding indebtedness; difficulties in identifying properties to acquire and completing acquisitions; failure to successfully integrate pending and recent acquisitions; failure to successfully operate acquired properties and operations; failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended; possible adverse changes in laws and regulations; environmental uncertainties; risks related to natural disasters; lack or insufficient amount% of of insurance; inability to successfully expand into new markets or submarkets; risks associated with propertyABR development; conflicts of interest with our officers; changes in real estate and zoning laws and increases in real property tax rates; and2 the consequences of any possible future terrorist attacks. These factors are not exhaustive. For a discussion of important% of risks related to Hudson Pacific Properties, Inc.’s business and an investment in its securities, including risks thatABR could cause actual results and events to differ materially from results and events referred to in the forward-looking information,1 see the discussion under the caption “Risk Factors” in Hudson Pacific Properties, Inc.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by Hudson Pacific Properties, Inc. from time to time with the SEC. 4

Contact: Laura Campbell SVP, Investor Relations & Marketing (310) 622-1702 lcampbell@hudsonppi.com

Cover	Jun. 01, 2020
Cover page.
Document Type	8-K
Document Period End Date	Jun. 01, 2020
Entity Registrant Name	Hudson Pacific Properties, Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-34789
Entity Tax Identification Number	27-1430478
Entity Address, Address Line One	11601 Wilshire Blvd., Ninth Floor
Entity Address, City or Town	Los Angeles,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	310
Local Phone Number	445-5700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Common Stock, $0.01 par value
Trading Symbol	HPP
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001482512
Amendment Flag	false